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NEWS

27
Jun
2017

Which way will property prices swing after GST?

In Maharashtra, customers now pay 4.5% as service tax and 1% as VAT. They also pay a 6% stamp duty on the cost of the unit. This brings the overall tax rate to 11.5% The Centre's proposal of a 12% GST on sale of houses from July 1 has left both real estate players and consumers calculating amounts they have to shell out or pass on. In Maharashtra, GST will be in addition to the 6% stamp duty rate charged by the state. This will mean higher outgo on a headline basis. Experts feel the difference in final pricing will not be over 1-3%. TOI explains various scenarios under the GST regime.Existing levy and GST In Maharashtra, customers now pay 4.5% as service tax and 1% as VAT. They also pay a 6% stamp duty on the cost of the unit. This brings the overall tax rate to 11.5%. Under the proposed GST, there will be a 12% flat tax rate on the cost of a unit, in addition to the stamp duty that remains at 6%. This brings the overall tax rate to 18%. Will overall unit cost rise? By the looks of it, the answer is “yes“. But theoretically , no. This is because developers are expected to bring down the cost of a unit, as they get input tax credit on raw material such as steel, cement and sand.
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