The Goods and Services Tax (GST) implemented by the government recently has definitely affected the real estate industry.
Experts say that GST does not apply to resale properties. However, a seller will have to bear the charges of Stamp Duty and Registration that differ from state to state.
It must be understood that although resale of a completely built and ready to occupy property does not attract GST, resale of a property under construction does. The rate of GST for purchase of new and under construction properties is fixed at 12%.
In conclusion, a resale property is considered an immovable property and therefore will not attract GST. So, as a consumer you are better off buying a ready to occupy and already constructed property as you will save on GST.
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