Builders must pass on the GST benefit to homebuyers: Experts – GST Station

GST is a comprehensive indirect tax system charged on manufacture, sale and consumption of goods and services at the national level. It has replaced multiple cascading taxes levied by the central and state governments. The biggest tax reform that the country has ever witnessed,

Also advocating for reinstating input tax credit in GST, ANAROCK’s Puri says, "Without ITC benefits, builders are seeing sizeable drop in their profits and will eventually pass the buck on to buyers in the form of higher prices." Homebuyers are also in agreement.

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.

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Like other homebuyers, purchasers of condominiums can apply for a GST/HST New Housing Rebate. This rebate reduces the GST and the federal part of the HST on a declining scale, depending on the purchase price of your new home.

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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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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.

The builders are expected to pass on the benefits of lower tax burden under the GST regime to the buyers of property by way of reduced prices/ installments. It is, therefore, advised to all builders / construction companies that in the flats under construction, they should not ask customers to pay higher tax rate on instalments to be received.

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home buyers had sent their wish list for Budget 2018 to the finance minister. Among other things, they had demanded that the government bring the entire real estate sector under the ambit of GST and.