BrahMos WORLD INDIA MADHYA PRADESH BHOPAL WTN SPECIAL Astrology GOSSIP CORNER RELIGION SPORTS BUSINESS FUN FACTS ENTERTAINMENT LIFESTYLE TRAVEL ART & LITERATURE SCIENCE & TECHNOLOGY HEALTH EDUCATION DIASPORA OPINION & INTERVIEW RECIPES DRINKS BIG MEMSAAB 2017 BUDGET 2017 FUNNY VIDEOS VIRAL ON WEB PICTURE STORIES Mahakal Ke Darshan
WTN HINDI ABOUT US PRIVACY POLICY SITEMAP CONTACT US
N
W
T
logo
Breaking News

The prices of under construction houses can be cheap; GST may be less

Saturday - February 9, 2019 12:59 pm , Category : WTN SPECIAL
Modi government can give a big gift to the middle class
Modi government can give a big gift to the middle class

Modi government in preparation for 'historical transformation' in the real estate sector

FEB 09 (WTN) - Everyone's desire is to have a lovely home, but having your home in cities is like the completing a dream. In the era of inflation, the middle class has to face difficulties to have its own home. The Modi government is preparing to give away the problems of the middle class by completing the dream of their own home. The Modi government has tried to reduce the GST implemented so for that it can be cheaper to buy a home for the middle class.

If everything goes according to the plan, then the rate of GST can be reduced from 12 per cent to 5 per cent in the residential under construction projects. At the same time, the prices of GST can be reduced from 8% to 3% for the construction of group affordable housing projects. That's because, the Group of Ministers set up by GST Council may recommend reducing the GST rates.

For your information, let you know that the GST Council had constituted a ministerial group under the chairmanship of Deputy Chief Minister of Gujrat Nitin Patel to review the tax rates of the real estate sector and the challenges and problems. According to the information, this group has recommended lowering the GST rate from 8% to 3% on affordable housing in its first meeting.

It is being said that within a week, the report will be finalized by the Group of Ministers and this report will be presented in the next meeting of the GST Council. It is said that giving relief to the middle class, the GST rates on group residential homes have been agreed in favor of reducing GST without lowering the input tax credit to 5% and reducing the GST rate to 3% on affordable housing.

For your information, let you know that at present the properties under construction and such ready flat where they have not been certified for completion of the sale, they have 12 per cent GST during their payment. Prior to the introduction of GST, such property was taxed at the rate of 15 to 18 per cent. At the same time, real estate property whose work of completion certificate has been issued, the buyers do not have to pay GST.

It is being said that after the GST is implemented, the prices of property have come down, but this advantage is not giving them by the builders on the cost of the property as a benefit to the input tax credits. There may be a concrete decision taken in this next meeting of the GST Council. If this happens then it will be a great relief for the middle class and its benefits are expected to get by Modi government in the Lok Sabha elections.