As per the new GST laws, all the 2 and 3 BHK Apartments Magarpatta City Pune and other parts of the country would be divided into two parts. The properties that are under construction would be classified under the head of supply of services, and thus would come under the GST tax laws. While the buildings where the construction work is complete and are ready for sale, along with land, would be completely exempted from GST.
No Change In Sale Rules And Laws For 2 and 3 BHK Apartments Magarpatta City Pune
As mentioned above, if a builder like Prithvi Edifice has a completed building ready for sale, the laws and rules for the sale of the property would not get affected by the GST laws. The stamp duty and registration charges on the sale of these properties would stay the same as in the past. And since there is no incidence of GST on the sale of completed properties, thus, there is no change with respect to the sale of the completed properties. GST will impact only those buildings that are still under construction, and even in that case, the construction companies can claim an input credit for the entire amount of GST paid by them.
Overall, it is pretty clear that there would be no real impact or change in the construction industry to this new tax law. And any impact should be for their benefit. GST will also increase transparency in this sector, which should be beneficial for both the buyers as well as the sellers in this industry.