In this video, we share a list of the five most important things you must know before buying an under-construction project.
• GST is levied at 12% on the remaining outstanding
• Developer to get an input tax credit on the buyer's balance, lowering the cost by that amount
• Due to the input tax benefit, a consumer must renegotiate the price
• If the input tax credit is not given to the buyer, it is profiteering for which the builder can be penalised
• For new projects, the input tax credit is factored in, and GST is levied at 12% of the total price
