For the benefit of all Sandeep sawant group home buyers and interested investors, here is a complete guide for buyers to understand the effect of GST on residential flats, projects, complex in Panvel, Navi Mumbai. 

Being pegged as a progressive tax change since Independence, the Goods and Services Tax (GST) is the welcome change replacing the mind boggling and questionable tax structure that tormented the nation earlier. 

Real Estate in India in the current past has seen an incredible development, not simply in the Tier 1 urban areas, but rather even Tier 2 and Tier 3 urban communities and towns. The industry is in the cusp of expanded controls, with bills i.e. RERA. GST is another improvement that has significantly affected this segment. The real estate sector is evaluated to represent around 5% of India’s GDP and is viewed as the second-biggest employer in the nation. 

Be that as it may, the segment confronts issues regarding macroeconomic conditions and financial strategy choices. One such challenge is the administration of the numerous roundabout indirect tax levies, for example, VAT, Service Tax, excise, stamp duty and registration fees. 

This has brought about various works on being trailed by developers, crosswise over geographies and even inside each State. These issues ought to be put to rest under the GST administration and the practices and positions ought to be regular crosswise over India. Consequently, the taxes paid by home purchasers crosswise over States should pretty much be the same.

Previously, home buyers used to pay service tax and VAT on the purchase of residential units when booked before their possession. The proposed GST ought to supplant these various expenses with a single tax and ought to likewise guarantee smooth stream of credits through the chain.  Under revised order from the legislature, under-development properties will be burdened at 18% which incorporates 9% SGST in addition to 9% CGST. The legislature has likewise permitted derivation of land value comparable to 33% of the aggregate sum charged by a developer, along these lines, influencing the compelling tax to rate as 1%. 

Stamp Duty and Registration charges are outside the ambit of GST now in light of the fact that these are state levies while property tax is a municipal levy. Overall, GST seems to be beneficial for the real estate sector, essentially in light of the expected free flow of credit, which ought to convert into an expansion in margin in the hands of the developer. Regardless of whether these advantages will permeate into the end clients/clients is to be seen, all the more so since evaluating in this part is more determined by market forces than on costing standards. All the more critically, as the GST administration is relied upon to give more prominent straightforwardness through market system, it is basic that real estate transactions form a fundamental piece of the proposed GST design. 

The applicants should be at least 21 years of age to be eligible for a home loan and having a regular source of income from employment or personal business. The loan must terminate before or when the applicant turns 65 years of age. The applicant should also produce at least 6 months of income proof.