The government’s initiative to make housing affordbale is set to get yet another boost under the new goods and services tax (GST) regime. However, prices of luxury properties and those being constructed at prime locations where land rates are high might go up from July 1.
In the run-up to the GST launch, the government imposed 18 per cent GST levy on the construction sector, applicable to two-thirds of the value of the property, thereby, bringing the net rate down to 12 per cent, when calculated on the entire value.
According to government officials, the net tax incidence, therefore,
According to government officials, the net tax incidence, therefore,