The benefits of investing in under-construction properties will outweigh the benefits of investing in ready-to-move-in homes under the new Goods and Services Tax (GST) regime. Landlords will not be burdened under GST as those who have given their property on rent for residential use will not be charged any GST.
To ease the woes for home buyers as well the real estate developers, the GST council is taking into consideration, two proposals that may effectively bring down the GST rate on under-construction properties. One being, implementation of a fixed lowered 12 per cent GST rate with full input tax credit (ITC) to the builder.
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How much input tax credit benefit will homebuyers get under GST after July 1?. ascertain the exact quantum of the benefit." Must Watch: Another Tryst With Destiny!. to ensure that builders.
GST: Builders asks full payment With No Strong Reason June 22, 2017 Subodh Kumawat GST News & Updates Recently, the government have made some relaxed rules and regulations for the home-buyers and has also asked the builders community to take care of the newly incorporated laws .
GST benefits for the consumers. Under the earlier tax system, homebuyers had to pay VAT and property taxes separately. Also, the charges varied across States and hence the property prices fluctuated significantly. developers also paid additional taxes such as sales tax, customs duty and OCTROI for which the credit was unavailable.
Clarifying that units that have received a completion certificate do not attract any GST (goods and services tax), the finance ministry on December 8 asked real estate developers to pass on the benefits they get in the form of input tax credit to homebuyers.
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Experts said the builders will now factor in their losses arising from the removal of input tax credit when they pass on the benefits to end users, while the latter may want the entire gst cut to.
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Builders must pass on the GST benefit to homebuyers: Experts Recent rulings by National Anti-Profiteering Agency have made it clear that citing practical difficulties for inability in passing on.
Experts point out that the extent to which home buyers will benefit, will depend on various aspects and the complexities of the business. Shrikant Paranjape, president of CREDAI Pune Metro, maintains that "The impact of the GST on property prices, will be difficult to gauge at this stage because of the lack of clarity on abatement for land value.