Impact of GST on Real Estate

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Home Buyers are certainly waiting for GST rollout from July 1. Experts believe that buyers will benefit if they buy houses in projects launched post July 1. It will be so even after a rise in service tax of 4.5% to GST of 12%. This is because a number of hidden and cascading will be removed under GST.

Developers will also get several tax credits under GST. But these tax credits will not be applicable to projects that are under-construction, nearing completion or ones that are ready.

“The heavily taxed real estate sector welcomes a single stable 12% GST rate, inclusive of the value of land and with full input tax credits,” said Rajeev Talwar, CEO, DLF and chairman of National Real Estate Development Council (NAREDCO). Source - Hindustan Times

Government has also proposed anti-profiteering measures to which will pass on tax credit benefits to consumers.

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