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Real Estate Forum on Gst Impact On Under Construction Properties

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GST on under construction property
Q: Do we have to pay 12% GST for under construction property ? Does it means buying an already built apartment is better ?

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gst impact on under construction properties
gst on under construction property
gst for under construction properties
Latest Answer: I agree with both the gentlemen. In the previous regime, for example in Maharashtra, VAT was charged on a composition scheme of 1%. This meant that the developer could not claim the input tax credit (ITC) for all the raw materials used in the construction of the property. For any inter-state procurement, a developer had to bear all costs without getting any benefit of ITC. But this will be possible under GST. This means that a Maharashtra developer who has bought cement from Gujarat will now be able to claim ITC on the commodity.
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Rustomjee azziano I wing
Q: Anyone here booked - Rustomjee azziano I wing? Pls connect with me. There is huge issue post gst. Prices increased with extra 12% tax..I am looking to get all customers

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vat & service tax for under construction property
gst impact on under construction properties
impact of gst on completed projects
Latest Answer: Very simple, it is clearly given that GST is not applicable on completed projects. If you r flat does not VAT plus Service Tax as on completion date then it will not attract GST from 1st July and vice-versa. Hope this will help you clarify your doubt.
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What about the GST effect? I am looking for a 2 BHK home therefore, I want to know that what will be the booking amount
Q: Booking amount for the 2 BHK Flat at Wakad

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flats for sale in wakad
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gst impact on under construction properties
pride purple park ivory wakad pune
pride purple group
Latest Answer: Hi folks, Pride Purple by Pride Purple Group, Wakad, Pune is offering 2 and 3 BHK residential flats. Sizes are available from 1070 - 1205 sq.ft (Built-up area) and 1465 - 1615 sq.ft in 3 bhk. Its current asking rate is Rs.6400 per sq-ft. This project is approved by PCMC and almost all the leading banks and financial institutions are offering loan for this project. As far as project location is concerned, it will be August 2018. And its booking amount will be 10% of the agreement value.
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What will be effect of GST on Real Estate market?

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gst impact on real estate
gst impact on under construction properties
Latest Answer: Apart from that, currently in the real estate sector when a house is bought by the consumer, they pay service tax of 4.5 per cent. Under GST regime, the real estate sector has been put under 12 per cent bracket. This means that instead of paying 4.5 per cent tax, the consumer will have to pay 12 per cent which means a rise of 7.5 per cent. The consumers who do not pay the whole amount together and choose the option of paying it in monthly instalment also pay service tax. This will also get converted to GST.
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