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Effect in price of Immovable property.

06 February 2018

Dear Respected Expert,

Can any one tell that the property price has come down after gst introduction?

Thank you & Regards
SKDAS

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166258 Points)
Replied 06 February 2018

Its suppressed, but effect expected in medium to long run; specifically when GST rate for home purchases under the Credit-Linked Subsidy Scheme (CLSS) of the Pradhan Mantri Awas Yojana (PMAY) has been reduced to eight per cent.

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Rahul Zaware (6 Points)
Replied 06 February 2018

I booked under construction flat on 27th Jan,builder provided me cost sheet with 12% GST. On 25th Jan GST council reduced GST rate from 12% to 8% for PMAY and CLSS homes. I am eligible under MIG-2 group for this new GST 8% rate. Please find the government notice in the below link https://www.cbec.gov.in/resources//htdocs-cbec/press-release/Press_Note_Housing_Sector.pdf I asked the builder to revise cost of flat but he is saying circular is not released yet,can please send me the circular notification link? Please guide me regarding this.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166258 Points)
Replied 06 February 2018

I booked under construction flat on 27th Jan,

builder provided me cost sheet with 12% GST.

On 25th Jan GST council reduced GST rate from 12% to 8% for PMAY and CLSS homes.

I am eligible under MIG-2 group for this new GST 8% rate.

Please find the government notice in the below link https://www.cbec.gov.in/resources//htdocs-cbec/press-release/Press_Note_Housing_Sector.pdf

I asked the builder to revise cost of flat but he is saying circular is not released yet,

can please send me the circular notification link? Please guide me regarding this. ""

Notification No. CGST 01/2018 htdocs-cbec/gst/notfctn-01-2018-cgst-rate-

1 Like

Rahul Zaware (6 Points)
Replied 06 February 2018

I showed notifications/circulars to builder but he is saying 

"we will not be give any GST benefit today , post possession you will be getting input credit, figures will be decided at the time of completion of the building .
As per pradhan mantri aawas yogna you have claim that amt….."

What should I do?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166258 Points)
Replied 06 February 2018

If you have agreed to the lump sum price, inclusive of GST...... the benefit may not be passed on to you. But if builder is charging GST over and above the agreed price, he cannot charge more than 8% in his bill.

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Rahul Zaware (6 Points)
Replied 06 February 2018

Now builder is saying "4% GST have to claimed from bank who will be processing my bank loan, banker will guide you how to claim" Is it right that 4% GST will be reduced through bank?