Remove GST on land value for under construction house property
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Earlier no tax was levied on the land value for under construction house properties. There are basically 2 components - construction service and land value. Now GST of 12% is being levied on the land value as well. This is driving up the cost of under construction house properties significantly. There is a provision for builders to pass input credit benefit back to customers on handover of the house property, however, there is no clarity on the quantum of that benefit.
It is really unfair to charge 12% GST on land value now and wait for few years for the input credit benefit which is uncertain to quantify.
My petition is to remove the GST on the land value for under construction house properties. Kindly support my cause.
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