Implications of GST on Real Estates and Properties

Implications of GST on Real Estates and Properties

Implications of GST on Real Estates and Properties

Goods & Services Tax [GST] Regime India’s indirect tax regime was complex and intractable. Therefore, the Government of India had been in the process of simplifying this complex regime and rationalizing it so that it is less of a burden overall and amenable to logical understanding of the taxpayer. With this objective, both the Houses of Parliament have after much confabulation and deliberation passed the much-awaited GST Bill, expected to be rolled out in July 2017. In the mean time, the Centre and States would have the requisite preparatory time to work out the percentages and fine-tune this simplified indirect tax regime. For more and latest updates about GST, follow residential plots in sarjapur road Implication for Real Estate and Property What does the roll-out of GST by the Central and State Governments hold out for the purchasers and hirers of residences? Fortunately, selling of land and building will not be attracting any of the provisions GST. This is very good news for homebuyers. For latest Indian Real Estate News, follow project on sarjapur road  Given the stated goal of the Government of India namely, “Housing for All by 2022”, it is expected that the exemption of Service Tax on affordable housing to continue to be extended under GST July onwards. Further, the Government has also made a case for the States and Union Territories to either waive or rationalize stamp duty on affordable housing schemes. In an overall sense, GST ostensibly expected to bring down the cost of housing projects and therefore, buyers and consumers stand to benefit in the eventual analysis. For latest Real Estate News, visit upcoming projects in sarjapur road