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Reduced liability of tax on homes under GST - OLD - GST Law and Procedure - GST

Extract

..... as compared to a plethora of Central and State Indirect Taxes suffered by them under the earlier regime. Central Excise Duty was earlier payable on most construction material @12.5%. It was higher in case of cement. In addition, VAT was also payable on construction material @12.5% to 14.5% in most of the States. In addition, construction material also earlier suffered Entry Tax levied by the States. Input Tax Credit of the above taxes was not allowed for payment of Service Tax. Credit of these .....

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Reduced liability of tax on homes under GST - OLD - GST Law and Procedure - GST

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..... as changed under GST. Under GST, full input credit is available for offsetting the headline rate of 12%. As a result, the input taxes embedded in the flat will not (& should not) form a part of the cost of the flat. The input credits should take care of the headline rate of 12% and it is for this reason that refund of overflow of Input Tax Credits to the builder has been disallowed. The builders are expected to pass on the benefits of lower tax burden under the GST regime to the buyers of pr .....

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Reduced liability of tax on homes under GST - OLD - GST Law and Procedure - GST

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