Home buyers should expect a rise in overall costs considering the new GST.

May 25, 2017

The Goods and Services tax (GST) has brought the real estate sector under its ambit by levying a tax on work contracts at 12 per cent. Stamp duty, however, doesn’t have to be paid. The current law levies an under-construction charge at 4.5 per cent and VAT of around 4 per cent. In no state does the total tax go above 9.5 per cent.
Under the current law, a home buyer would have to pay 8-9 lakhs if the house costs 1 crore. Under the new scheme, a home buyer will have to shell out anything between 12-15 lakhs in tax.

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