Will resale properties become costlier under the GST?
Q: After GST implementation, as per the Central government act, all promoters developers required to register their existing ongoing new projects do not have completion cerificate with RERA within three months. In case of flat resale, what is the applicable for GST rate? Stamp charge and registration charges also inciluded while calculating the tax?
Hello Dev, A resale property is an immovable property. Thus, it is not covered under the definition of goods under the GST regime and therefore, there will be no impact on resale properties.
In case of resale of properties, there will be no GST levied. Stamp duty and registration charges will be separate and chargeable according to your state rule.
Yes, GST does not apply for resale properties that have received occupation certificates. The seller will, however, have to pay stamp duty and registration charges that were in existence even before June 30. Both these charges vary from state to state.