In current scenario, the stamp duty is being paid by the home buyers that fuels the price of home at the time of registry after paying an indirect GST while booking and taking possession of their unit.
In a bid to provide relief to the home buyers by around Rs 3 lakh to Rs 5 lakh while buying home, Indian realtors have demanded from the Narendra Modi government to incorporate the stamp duty into the orbit of GST. In current scenario, the stamp duty is being paid by the home buyers that fuels the price of home at the time of registry after paying an indirect GST while booking and taking possession of their unit.
Speaking on the demand Manoj Gaur, Vice President CREDAI-National chapter told Zee Business online in a written statement, "GST's inclusion in the country has allowed the developers to pass on the benefits of the input tax credit to the buyers. Bringing stamp duty and registration charges in the ambit of GST will be highly appreciated if the Budget addresses it." He said the move will help government to eradicate hidden cost that home buyers have to pay at the time of registry. The managing director of the Gaur Group added that once the buyer has already paid GST as a hidden tax, what is the meaning of forcing them to pay stamp duty at the time of registration of his unit?
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