The boldness of the current ruling NDA government has raised bars in all sectors, especially the establishment of GST (Goods and Sales Tax). As per the rules quoted in the GST rule, home buyers or seller’s needs to keep an eye on their calendar while they plans to sell or buy property. The impact of the GST will reflect on your sales transactions.
As per the data gathered from the experts, the newly implemented GST (Goods and Sales Tax) does not apply for the properties which are placed for re-sale. However, the seller will be required to pay the relevant pay stamp duty along with the registration charges. At the same time, these charges will be varies from state to state, that was the rule which are followed until the past June 30.
When GST implemented from July 1st, all payments will be carried under the uniform format. About 12% will be fixed for the buyers for buying newly constructing buildings or housing projects. Apart from that, the projects must have the occupation certificate.
Impact of GST
Though, the impact of GST was not fully influenced while selling a property however, other factors will get influenced and price will be increased owing to that. So if you are really in need of money or desperate to get higher price while selling your property you can go for it, else waiting would be the best option until things getting settled by the mid of 2018.
Experts widely believe that the time around the second half of the year 2018 would be the best for the real estate businesses. The impact of the general election will highly expected to hit the rules and policies being established in the newly released GST.