Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The Confederation of Real Estate Developers’ Associations of India (CREDAI), which represents more than 13,000 developers, urged the central government to introduce a fixed 15% income tax rate for cheaper housing projects in the forthcoming union budget 2025. It is presumed under the industry body that the same measure shall motivate the developers to build […]
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.
N Jaideep Reddy, president of CREDAI Hyderabad, stated that subsequent reforms in the GST framework for the restoration of ITC are important to keep housing affordable and sustain demand in Hyderabad’s real estate market. Relief was provided through recent GST rationalisation, but the absence of GST input tax credit (ITC) continues to increase project costs, […]
