By Runwal Group Posted May 21, 2019 In Market trends and insights
GST (Goods and Service Tax) was passed in the parliament on 29th March, 2017. The Act came into effect on 1st July 2017. Since its implementation, applicability of GST has been one of the key factors among a whole lot of consideration points in a home buyer’s decision-making list. On February 24, 2019, the GST council sliced tax rates for under-construction flats to 5% and affordable homes to 1%. Currently, the GST is levied at 12% with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats, where completion certificate is not issued at the time of sale. For affordable housing units, the existing tax rate is eight per cent.
Following are the impacts that are expected from the GST cutback:
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