Mumbai: The consumers will have to shell out more for the ready-to-move-in flats under the GST system as developers with large unsold inventories are planning to pass on the higher tax burden to home-buyers. However, the new flats will cost less, giving some breather to the developers of upcoming projects. “The intention of GST is to bring in efficiency in the entire tax system, and its implementation will see some teething issues. But eventually it will pave the way for an extremely efficient tax system for the country,” he said. Atul Chordia of Panchshil Realty said they have only completed or near-ready projects which will be paying 12% GST on the cost of construction.

Source: Mint July 02, 2017 06:11 UTC