Budget 2019: No GST relaxation for under construction home buyers
In the budget 2019, Narendra Modi government left the GST at 12 per cent without rationalising it for the home buyers.
The budget 2019 presented by Piyush Goyal came out as a disappointing one for the under construction home buyers who were expecting GST relaxation from the Narendra Modi government. The government of India left the GST at 12 per cent without rationalising it for the home buyers. Sanjay Chatrath, Managing Director (North) at Colliers International India told, “Home buyers were looking forward to rationalization of GST slab for under- construction flats, which has been kept open-ended for now. Hope the slab will come down to 5 or 6 percent.”
The government of India is giving GST exemption to the unsold ready to move in flats for the home buyers that makes a unit cheaper by around Rs 12 lakhs. On the line of that exemption, the real estate developers and the home buyers are demanding GST rate rebate from the existing 18 per cent for under-construction units.
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Rakesh Yadav, CMD, Antriksh India Group told, "Government has claimed credit for massive reforms and increase in exemption limits under GST for small traders, manufacturers and service providers comprising 90 per cent GST tax payers. Hoever, the no rationalisation decision taken by the central government on un-construction units is dis-appointing. We were expecting it to come down up to 5 per cent to 6 per cent."
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