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sam  commented jiwan sachdev's  answer on 20 March 2019
jiwan sachdev Hi Sam, with the recent slash in GST rate on under construction properties to 5% without ITC [input tax credit] from the current 12% and affordable housing to 1% from the existing 8% has created a lot of speculations in the real estate segment & buyers mind. There is a lot of confusion as to how calculation being made. Under two scenarios GST rate cut will benefit the homebuyers. 1. Firstly, homebuyers cannot avail the reduced GST benefit if there is no due amount pending to the builder in purchasing the property. 2. Secondly, 5% GST rate cut will be applicable in case if there is some payment due after April 2019. In addition to that, there will be no change in homebuyers EMI & slashed amount will impact the home loan duration w.r.t. the amount reduced by the GST rate cut.
on 20 March 2019
sam Thank u
on 20 March 2019

 
sam  commented ranjit rana's  answer on 20 March 2019
ranjit rana Hi Sam, the bank has decided a monthly EMI on the basis of the property value and term period. Therefore, you will have to pay the same EMI amount on a monthly basis. I don't think you will be able to get back the reduced GST amount as money has already been handed over to the builder by the bank. If there is any part payment remaining to be disbursed by the bank, then the reduced GST percentage will be applicable and there is a possibility that your over all loan tenure will reduce and you will be able to payback your loan in a lesser time as compared to your original loan duration. I will suggest you to speak to the bank executive to have clarity on this issue.
on 20 March 2019
sam Thank u
on 20 March 2019

 
jiwan sachdev  answered sam's  question on 20 March 2019
jiwan sachdev Hi Sam, with the recent slash in GST rate on under construction properties to 5% without ITC [input tax credit] from the current 12% and affordable housing to 1% from the existing 8% has created a lot of speculations in the real estate segment & buyers mind. There is a lot of confusion as to how calculation being made. Under two scenarios GST rate cut will benefit the homebuyers. 1. Firstly, homebuyers cannot avail the reduced GST benefit if there is no due amount pending to the builder in purchasing the property. 2. Secondly, 5% GST rate cut will be applicable in case if there is some payment due after April 2019. In addition to that, there will be no change in homebuyers EMI & slashed amount will impact the home loan duration w.r.t. the amount reduced by the GST rate cut.
on 20 March 2019

 
raghavbhati  commented sam's  answer on 20 March 2019
sam Thank u
on 19 March 2019
0 0
raghavbhati Also, it is to be noted that the EMI for homebuyer won't be reduced. The reduced amount will eventually reduce the tenure of your loan as per the amount reduced by the GST rate cut.
on 20 March 2019

 
ranjit rana  answered sam's  question on 20 March 2019
ranjit rana Hi Sam, the bank has decided a monthly EMI on the basis of the property value and term period. Therefore, you will have to pay the same EMI amount on a monthly basis. I don't think you will be able to get back the reduced GST amount as money has already been handed over to the builder by the bank. If there is any part payment remaining to be disbursed by the bank, then the reduced GST percentage will be applicable and there is a possibility that your over all loan tenure will reduce and you will be able to payback your loan in a lesser time as compared to your original loan duration. I will suggest you to speak to the bank executive to have clarity on this issue.
on 20 March 2019

 
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sam  commented raghavbhati's  answer on 19 March 2019
raghavbhati Hi Sam, there is a lot of ambiguity in the market regarding the same. As the government has introduced this rate cut to gain political mileage. They have not cleared about the calculation as such. But according to the experts, it is expected that if you have paid the full amount of GST then, the benefit of ITC [Input Tax Credit] is not going to be given by the developer. In case, you have made the part payment then, from 1st April, 2019, 5 percent is applicable without ITC benefit.
on 19 March 2019
sam Thank u
on 19 March 2019

 
raghavbhati  answered sam's  question on 19 March 2019
raghavbhati Hi Sam, there is a lot of ambiguity in the market regarding the same. As the government has introduced this rate cut to gain political mileage. They have not cleared about the calculation as such. But according to the experts, it is expected that if you have paid the full amount of GST then, the benefit of ITC [Input Tax Credit] is not going to be given by the developer. In case, you have made the part payment then, from 1st April, 2019, 5 percent is applicable without ITC benefit.
on 19 March 2019

 
Shweta  gave thumbs up to Sandeep Autkar's  answer
Sandeep Autkar GST is always paid in proportional part with basic amount. If you've already made payment then it cant be claimed back. Any GST invoice which your builder is going to raise after 1st April 19 will attract 5 % GST
on 27 February 2019

 
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