But the caveat is that consumers are opting for completed projects with no risk of delay or shortcomings and no GST. pass on to the consumers. Even if there is a rate cut by the RBI tomorrow, it.
While GST may not burden home-buyers if a developer passes on its benefits, experts say implications depend on project cost and its stage of completion Along with a number of policy reforms, the real estate sector is believed to have an impact due to the Goods and Services Tax (GST).
The ITC benefits now available to the builders under GST may be passed on to the flat/property buyers in many ways. Some of them are: reducing the prices of the flats/ properties. by giving discounts to the buyers. by crediting/ paying the ITC available, claimed and deducted from output liability to the account of the flat/property buyer.
This, in turn, can lead to lower construction costs for developers, who can pass on the price benefit to home buyers. The tangible benefits for the home buyer will also depend on the final rate of GST. If the rate is higher than the taxes being paid currently, it could increase the cost of an under-construction flat.
However, for builders to reap the maximum benefit when GST is reduced to 5% without input cost, the prevailing GST on input costs like cement and steel must also be reduced significantly. Currently, GST for cement is 28% – the highest among all materials.
To address these and a host of other rudimentary concerns of homebuyers, Magicbricks speaks to legal and industry experts to unravel the new Act. complaints before the Bombay High Court. “We must.
Most experts ask home buyers. deferred tax benefits and the uncertainty you are exposed to pertaining to timely delivery of home. If you are planning to buy an under-construction property, there is.
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