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Realtors council Credai urges for input tax credit (ITC) beneath GST guidelines and must permit the real estate builders to state that it can be directed towards the reduction of the cost by 10%. Credai, which has 13,000 members in real estate building, has sought the Union government to provide an input tax credit to […]
On the electric vehicles, the government has undertaken the two new deductions of affordable housing loan and deduction The tax payers can claim income tax benefits on home loan by claiming certain deductions. Know the easy ways to takeaway the benefits as per the Budget to take interest in the loans sanctioned to the electric […]
Due to continuous GST framework discrepancies, the government’s decision to reduce rates to 8% from 12% for the affordable housing projects seems not appropriate for apartment purchasers.
The PHD Chamber of Commerce and Industry recently asked the GST council to lay some rest over the GST rate on the affordable housing. Currently, the housing schemes are accompanied by 8 percent GST on the chamber demands a lower 5 percent instead.
With a proof to justify the statement of higher GST rates on realty sector, the Mumbai comes forward to show the higher number of unsold apartments due to the unaffordability of buyers reasoning higher taxes.
For affordable housings, GST rates on work contracts have been reduced from 18 percent to 12 percent by the government. However, the impact on prices of affordable housing for buyers remains same as earlier, confirmed industry officials that buyers can continue to purchase the finished houses at the predefined GST rate of 12 percent.
GST has a wide impact on every possible sector and this time it has far reached towards the Housing industry which is claiming it for a high volume and low housing facility for everyone. The sourced information has been recovered from a white paper which is name Decoding GST and Real Estate Regulation by RICS, a self-regulatory professional body for qualifications and standards in land, property, construction and associated environment issues.
Nowadays it is impossible for a common man to purchase a house with his own name and from his own Income due to inflation. So if a person wants a residential house, he can buy the same from easy EMI facilities. EMI facility is beneficial for buying a home with starting limited down payment and rest payment […]
A new profiteering case has come into light as a Gurugram based constructor and home provider, Pyramid Infratech, has been asked by the NAA to refund the benefit availed out of the input tax credit after the effective rate on affordable housing got reduced from 12 percent to 8 percent from January 25, 2018.
