STOP VAT/GST for affordable housing
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Thanks to Shri Narendra Modi who has abolished Service tax component for Affordable housing and everybody has welcomed this move .
But VAT is still a major issue which is still applicable on affordable housing projects.
Buyers, who have already emptied their savings into investing in the property, are feeling the pinch with this sudden demand that runs into a couple of 1000s. Their big concern is whether to trust their builder with another payment when there is already a lot of ambiguity and litigation surrounding the calculation and applicability of VAT in Haryana.
It is a logical step that VAT should also be removed from at least Affordable housing, this will not only give huge relief to home buyers (whose loan amount does not convert this component) but also help Govt achieve its Housing for all scheme on time by creating conducive environment for already flat real estate industry.
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