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What is the GST impact on real estate?

 

GST is expected to be a sentiment booster for the industry and will seek to revive buyer and investor interest by bringing more transparency in taxation. As the perception of the sector is said to have improved, the prices are likely to drop around one to three per cent if it all they do, according to a report by Edelweiss Securities.

 

The taxation earlier was too complicated for buyers. For instance, buyers were earlier liable to pay taxes depending on the construction status of the property and the state where it is located. Buyers also had to pay VAT, service tax, stamp duty and registration charges on purchase of an under-construction property. However, if the purchase was for a completed property, the tax applicable were stamp duty and registration charge. Furthermore, since VAT, stamp duty and registration charges were state levies, each state specified its own figures. Service tax was a central levy and was charged on construction. So the calculation of taxes was very tedious in the earlier regime. GST charges all under-construction properties at 12 per cent of the property value. This excludes stamp duty and registration charges. No indirect tax is applicable on sale of ready-to-move-in properties hence the tax will not apply to those. The biggest takeaway is that GST is a simple tax that applies to the overall purchase price.

 

A developer could take input credits on sale of under construction property against the taxes that are paid by the buyer. Earlier, VAT and service tax used to account for nearly nine per cent of the ticket price of the property. Since that will be lower than the GST applied to the sector, the builder will have to pass on the benefit of the price reduction to the buyer. The price reduction is on account of the input tax credits that the builder enjoys.

 

Benefit to Developers
If you are a developer, you were earlier charged for Central Excise Duty, VAT and entry taxes collected by the state on construction material costs. Further, you had to pay a 15% tax on services like labout, architect fees, approval charges, legal charges etc. Your tax burden was transferred to the buyer eventually. However, under the new regime, the changes in construction costs are not grave. Furthermore, reduced cost of logistics will result in reducing expenses as well. The input tax credits will also help you increase profit margins and it will be a simpler tax to work with.


Source: - The Indian Express
Date:- July 5, 2017

 

Yoshodham Enclave

Overview


Yashodham Enclave is a project that will end your hunt for your dream house. It not only aspires to fill the space of the new age, modern experience but also offers superb benefits and luxury in Bhubaneswar - one of the fastest emerging cities. Our vision is to create an aesthetic residential enclave that delights residents with its cosmopolitan, free - spirited atmosphere and unique, invigorating lifestyle. Quality of life within this prestigious gated community is characterised by outstanding levels of comfort, convenience and security. Yashodham Enclave is the best of living in terms of life style and convenience with all the goods and services that you may need on a day to day basis. We welcome you to own your dream land and pave the way for prosperity in your lives.

Floor Plan


     
Area Calculation
Flat Super B / A
101 1639 sqft.
102 1422 sqft.
103 1422 sqft.
104 1639 sqft.
     
Area Calculation
Flat Super B / A
201 1545 sqft.
202 1422 sqft.
203 1422 sqft.
204 1545 sqft.
     
Area Calculation
Flat Super B / A
301 1639 sqft.
302 1422 sqft.
303 1422 sqft.
304 1639 sqft.
     

Specification


Foundation : Reinforced Cement Concrete
Super Structure : Reinforced Cement Concrete
Walls : Brick Masonry
Water Supply : Deep Borewell / PH Supply
Rooms Floor : Vetrified Tiles
     
Kitchen Floor : Antiskid Tiles
Sinks : Stainless Steel Sink
Dado : Glazed tile (two feet above counter)
Platform : Granite Slab
     
Toilet Floor : Antiskid Tiles
W.C. : European Type (white)
Fitting : Chromium plated
     
Doors Frame : Salwood
Shutter : Flush door
     
Windows : Anodised / Powder coated aluminum window with glass panel
Internal Finishes : Wall Putty
External Finishes : Acrylic Paint over 1 coat of cement paint.
Electrical : Concealed wiring and Modular Switches

Amenities

 

  • Society Hall
  • Garbage Duct
  • Landscape Balcony & Terrace
  • Provision of Lifts
  • Generator Set as Battery Backup
  • Allotted Car Parking
  • Provision of 24 hours Security
  • Driver Rest Room

Location Map


Application Form


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