[INDIAN REAL ESTATE NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd.
Here I have an important Indian real estate news to share with you which is as undermentioned.|
Your dream home may become more affordable from next month as Goods and Services Tax (GST) council is considering to lower GST on houses. In a new year bonanza for home buyers, GST council may reduce the GST on under-construction flats and houses to 5 per cent in its meeting next month.
Currently, 12 per cent GST is levied on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale. However, GST is not levied on buyers of real estate properties for which completion certificate has been issued at the time of sale.
GST council, in its 31st meeting last week, had announced GST rate cut on 23 items including TV, cinema tickets, video games etc. At the time of announcement, GST Council chairman, Finance Minster Arun Jaitley, had said that the GST Fitment Committee is looking into the matter of GST rate on real estate and the discussion on reduction of tax rate can be made in the next meeting slated next month in January.
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Have a nice day.