GST Exemption for nearly completing projects around July / Aug
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I am writing this based on my case and I believe there will be many in the same boat all over the country.
GST is increasing the tax to be paid from current service tax(4.5 + 1.25) to 12% which effectively there will be 6.5 percent more impact on the tax, more burden on buyer for the house which are ready to deliver in couple of months.
Take my case I have booked the apartment in 2015 @ 80 Lacs and it is due to delivery in next couple of months, and still I need to pay 40% to the builder (I booked this is the offer builder provided 20-40-40) based on the GST rules I will be impacted with the 6.5% on total 40% of 80 lacs ~1.8 Lacs, passing ITC to customers as mentioned in new GST rule from builder in almost nearly completing projects is ~NILL, because the builder has not got the tax rebate from the government as per PRE-GST rules, and so it will impact the customer who are in the last stage of project delivery.
And there are customers pending with 20 - 40% funds release to builder, and with the new GST rules this will impact ~1.2 - 2 Lacs which is considerable amount, I can sense there are huge number of customers who are in this stage all over India.
Requesting the government to exempt the GST for the nearly completing projects (should continue with the existing tax rates) this will benefit large community.
Your support is needed to get this noticed to the government.
Santosh M G.
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