GST: FinMin asks builders to pass benefits to buyers

The refunds given on taxes for inputs should lead to price reductions in the sector: FM Arun Jaitley

The finance ministry on Sunday said developers should pass on any reduction in prices of under-construction houses (due to input tax credits) to buyers after the goods and services tax (GST) is 

introduced next month. 
 

It has asked the housing department to communicate to states for action against any forcing by builders on buyers of such houses to pay the full amount before July 1, on the pretext of GST. “This is wrong,” Finance Minister Arun Jaitley told reporters when they said builders were apparently doing this, despite a clarification by his finance ministry on Thursday. 
 

He said the refunds given