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What is the impact of GST over my loan repayment
14-Aug-2023 (In Property Law)
I have booked an under-construction flat in Kolkata in Aug 2015. Now I am going to do the registration. I have taken home-loan from SBI. I have made all the payments to the developer by May 2017 and now only the 40% of loan awaited from SBI. What is the impact of GST ?
As of July 1st, home loan EMIs availed to construct a house as well as rent and lease (residential complex, industrial, commercial) aspects are going to attract the new goods and service tax. That said, sale of land, houses or buildings won’t have this new indirect tax attached to it. With regard to constructors or builders, the GST tax will save them from the triple tax they are paying now and will reduce the cost of constructions. That said, for home loan borrowers, a fixed GST of 18% is applicable, which is more than the current VAT of 5% for construction materials and the 3.5% service tax
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Adv. Satarupa Aich
Kolkata | 25+ Answers
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