Government asks builders to not ask for higher tax rate on instalments after GST implementation
DSIJ Intelligence / 22 Jun 2017
The Goods and Service Tax (GST) will be implemented from July 1. Here is how your home loan EMI is to get cheaper in coming months.
The Goods and Service Tax (GST) will be implemented from July 1. Here is how your home loan EMI is to get cheaper in coming months.
As per Ministry of Finance, construction of flats, complex, buildings will have a lower incidence of GST as compared to a plethora of central and state indirect taxes suffered by them under the existing regime.
Builders have been asked by the government to not ask customers to pay higher tax rate on instalments to be received after imposition of GST.
If any builder resorts to such practice, the same can be deemed to be profiteering under section 171 of GST law. Government also said that there would be possible reduction in home prices after GST.
Prices of real estate may reduce in upcoming period as builders are expected to pass on the benefits of lower tax burden.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.