Reduced tax liability on homes under GST
GST
Dated:- 9-8-2017
=============
\nDocument 1
\ndavp 15502\/13\/0144\/1718
\nJAGO
\nGRAHAK
\nJAGO
\n==
\nGST
\nNATION
\nTAX
\nMARKET
\n==
\n==
\nGOOD NEWS
\nFOR
\nHOME
\nBUYERS
\n=== == =
\nReduced tax liability
\non homes under GST
\nThe CBEC and States have received many complaints that in view of the works contract
\nservice tax rate under GST at 12% in respect of under construction flats, complex etc, the people
\nwho have booked flats and made part payment before 1st July, 2017, are being asked to
\nbear higher tax incidence for payments made after 1st July, 2017. This is against the GST law,
\nas explained below.
\nConstruction of flats, complex, buildings have a lower incidence of GST as compared to a
\nplet<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ction material was = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Reduced tax liability on homes under GST GSTDated:- 9-8-2017============= Document 1 davp 15502\/13\/0144\/1718 JAGO GRAHAK JAGO == GST NATION TAX MARKET == == GOOD NEWS FOR HOME BUYERS === == = Reduced tax liability on homes under GST The CBEC and States have received many complaints that in view of the works contract service tax … Continue reading “Reduced tax liability on homes under GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7027","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7027"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7027\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nearlier being borne by the builders, which they passed on to the customers as part of the price
\ncharged from them. This was not visible to the customer as it formed a part of the cost of the flat.
\n\u2022 The earlier headline rate of service tax on construction of flats, residences, offices etc. was 4.5%. Over and above
\nthis, VAT @1% under composition scheme was also charged. The buyer only looked at the headline rate of 5.5%.
\nIn other Cities\/States, where VAT was being levied under the composition scheme @2% or above, the headline
\nrate visible to the customer was above 6.5%. What the customer did not see is the embedded taxes on account of
\ncascading and sticking of input taxes in the cost of the flat etc.
\n\u2022<\/p>\n
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