Nearly 60% buyers say ‘No’ to GST for under-construction properties: Poll
Publish on : 2019-01-02 10:59:14
NEW DELHI: In a recent poll conducted by Magicbricks, around 57% home buyers have said that they do not want to pay Goods and Services Act (GST) at all for under construction properties. Buyers say that they are already paying registration and stamp duty charges to the state government hence GST is an additional burden for them.
The revelation comes at a time when the GST council is likely to reduce the GST rate levied on under-construction properties to 5% from the current 12% in its January 2019 meeting.
Ready-to-move-in properties are exempted from GST which is why many buyers continue to prefer completed projects.
“The home buyer sees GST as one more in a plethora of taxation being imposed on home purchase. Obviously, Indian real estate is awaiting full implementation of GST in real estate with all levies, cess and taxes being subsumed into a single tax – GST, and that is the ultimate goal. At present, if GST levels can be substantially lowered or totally done away with in the under construction stage, home buyers will definitely see it as a positive move,” says Niranjan Hiranandani, president, National R ..
Source :- Economic Times