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Property Rates May Not Increase Under GST, Says Consulting Firm
July 12, 2017
A senior official from a property consultancy company said that there won’t be any increased tax burden on the projects under construction under the GST regime. It was expected that the tax rate would increase by 5.5% with the 12% GST tax slab. However, many efficiencies (mainly Input Tax Credits[ITC]) have been included in the new regime which will keep the tax burden almost the same as before.
Samantak Das, India’s Chief Economist and National Director said that developers are trying to use ITC in a way so that the customers don’t have to deal with additional taxes. He said that it’s expected that the new regime won’t have an adverse impact on the property-buyers.
