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The G(i)ST of housing

DNMUM433235 | 3/11/2019 | Author : Ateeq Shaikh | WC :1626

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Homebuyers and realtors heaved a sigh of relief when GST on under-construction homes was cut. But removal of ITC raised fresh concerns as it may put cost pressure on builders and open channels for black money. Will the sops revive the sector?
THE BIG STORY
The move to cut Goods and Services Tax (GST) rates for under-construction residential projects was cheered by the industry and the home buyers. It is expected to lift the demand for the housing sector and eventually reduce the finance cost for developers who are sitting on a pile of unsold inventory.
But GST Council has taken away the benefit of the input tax credit (ITC), which may give rise to other issues such as a renewed influx of black money and some developers raising property prices, warn experts.
WIN SOME, LOSE SOME
On February 24, GST Council, chaired by the Union finance minister, decided to reduce the tax on under-construction affordable homes to 1% from 8%. It also defined affordable homes as units pric
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