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Hyderabad News.GST on Real Estate Reduced to 5% from April 1. Properties Less than 45 Lakhs only 1% GST


(Excl Ventures News.)In a major relief to new home buyers, GST on properties under construction, has been reduced, to 5% from April 1.

For affordable homes costing less than 45Lakhs, GST will be only 1%.

Builders will NOT get any GST input credit. (A very good decision since, builders were claiming input credit and pocketing the GST paid by buyers, instead of remitting to the Govt)

With removal of input credit, builders will have to pay the entire GST collected to the Govt. It will be easy for the department to calculate the GST liability of each project and check whether the builder has paid the full amount or not.

It''s impossible to totally prevent GST fraud. The builders could still under pay GST to the govt by bribing tax officers or by making it difficult to detect scam, by combining many projects. But compared to the earlier system, the fraud will come down by miles.

To reduce cost further, let there be cut in GST on cement too. Currently it''s being taxed at 28%, which is far too high. Should bring this down to 12%.
ALREADY BOUGHT PROPERTY AND PAYING INSTALLMENTS?

Buyers who have already booked properties and are paying installments, will have to wait till mid March for clarity. The Govt has set up a committee to draw up rules, as to how GST for already booked properties will be applied.

It may be a good idea to wait till the decision which will be announced during the next GST council meeting in March , before making next installment.

Though technically, the decision to disallow input credit for builders is a loss to them, it''s unlikely that they will increase base rate before April 1, considering the market competition. Also builders have to be wary of anti-profiteering action by the department. Once GST is reduced, they they can not collect more. Action would be severe, like in the case of Cinema Halls, recently.
Comment :
Very good decision to reduce GST and deny input credit to builders. Earlier the Govt forced buyers to shell out 12%, knowing very well most of it was being pocketed by builders.

Keyword Tags Hyderabad News,GST Rate on Properties

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