Showing posts with the label housing tax

Will the Tax cut (Revised GST) for the Real Estate to be benefit ?

Will the Tax cut (Revised GST) for the Real Estate to be benefit ? On February 24, 2019 - the GST Council recommended to revise the GST Rate on Real Estate Properties. Previously, the GST Rate for the Normal and Premium Housing projects, it was noted at a 12 percent. It is also considered for the properties costing Rs. 45 lakh and above. Now, the revised GST Rate is 5 percent which is effective from 1st April, 2019. For the Affordable Housing, earlier the GST rates were stood at 8 percent, now it was revised to 1 percent. Previously, the buyer or customer should pay a service tax for the under construction property. After the changes in GST, the buyer need not pay any amount as a tax before the completion of a Property. The Buyer is also have to pay the Registration and Stamp Duty fees for a property, the stamp duty usually varies between the State Governments, lies approximately around 5 to 8 percent. Last day (25-02-2019), the share prices of the Realty Stocks saw a good rally due to