If you are looking for your perfect dream home, now is the best time to buy one and live life king sized. GST (Goods and Services Tax) puts an end to a complicated tax system containing multiple tedious steps, and gives you benefits, which earlier were not there. Here are some eye-opening reasons how GST will benefit a home buyer. So, if you’re someone who is planning to buy a new home for yourself or just a property to invest in, GST will bring in more transparency in taxation, of course! The prices, henceforth, are likely to drop by 1 to 3 %, according to research experts.
There is no doubt that the erstwhile tax system, a complicated and tiresome process of never ending calculations, which made all of us scream for help! Service Tax, VAT, Stamp Duty, Registration Charges, and this didn’t end here, each of them had different figures as per state laws. Consult the ones who bought their homes before the implementation of the bill, and you’ll come to know of the enormous insanity that went around the process. But now, tough times are over! GST charges for all under-construction properties is fixed at 12% . One fixed tax amount, and zero indirect taxes on ready-to-move-in properties.
Earlier, VAT and Service Tax used to account for nearly 9% of the ticket price of the property. Since that will be lower than the GST applied to the sector, the developer will have to pass on the benefit of the price reduction to the buyer; making it an anti-profiteering provision. As much the GST takes the property developers into consideration, it equally provides relief to consumers, making a meticulous process of selling and purchase much quicker and less painstaking.
Consider the post-GST era to be the perfect time to get your hands on your dream home. If you’ve been planning to hunt and buy one, then do away with the hesitations and doubts. Welcome to a simpler world, welcome to GST.