GST rate cut in real estate: Buying flats can become cheaper | Good News for Home Buyer

There are two reasons home buyers aren’t willing to buy under-construction property any longer. Previous experience with delayed projects and frauds resulted in a lack of trust. Second is the GST rates on under-construction property-it attracts a 12 per cent GST. On Sunday, the government tried to address the second concern by slashing the rates on under-construction flats to 5 per cent in the non-affordable segment and to 1 per cent in affordable housing. While the industry welcomed the move saying that “there’s reason for the middle class to rejoice”, there is a catch. In fact, there are quite a few things to ponder over. One, the GST rate cuts are not applicable immediately. It applies only from the next financial year, which means there would be no resurrection of demand in under-construction apartments right at the moment. Two, whether the middle class rejoices or not depends on if the costs of construction go down for the developer and how much of that is passed on to the consumer, Subscribe Our Channel: ➨ https://www.youtube.com/channel/UCcIX… Follow me on Social Media: ➨ Facebook: https://www.facebook.com/HelloTaxIndia ➨ Linkedin: https://www.linkedin.com/company/hell… ➨ Twitter: https://twitter.com/HelloTaxIndia ▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ ➨ Website:https://hellotax.co.in/ ➨ Writes to us: support@itechflock.com ▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ Hello Tax Official Youtube Channel. HelloTax is an easy, cost effective and quick way to file income tax return (ITR Filling App) and stay updated with income-tax information for the salaried class assesses in India. HelloTax is available for Android users in Play Store, for Apple users in iOS Store Phone users, also for desktop and mobile browser. HelloTax aims to empower customer with user friendly and efficient income tax filling Solution. One can file ITR filling in three minutes and track tax data online thereafter. The app comes with some interesting features such as, quick income tax refund status, transaction history, tax calculator, PAN card details, document storage, etc. One of the best Income Tax Return (ITR) Application. (Income Tax Return Application, ITR APP, Income Tax, Online Return, ITR, Income Tax, Easy ITR, Easy Income Tax Return Application). Income Tax filing is now a mandatory compliance requirement as per section 139 (1) of the Income tax act in India. #GSTOnRealEstate #GSTOnAffordableHousing #LowGst