No GST On Competed Projects, Finance Ministry Clarifies
No GST On Competed Projects, Finance Ministry Clarifies (Shutterstock) Clarifying that units that have received a completion certificate do not attract any GST (goods and services tax), the finance ministry on December 8 asked real estate developers to pass on the benefits they get in the form of input tax credit to homebuyers. "It is brought to the notice of buyers of constructed property that there is no GST on sale of complex/ building and ready to move in flats where sale takes place after issue of completion certificate by the competent authority," the ministry said in a statement. "Builders are also required to pass on the benefits of lower tax burden to the buyers of property by way of reduced prices/ installments, where effective tax rate has been down,” the statement further read. In fact, the anti-profiteering body ordered Gurgaon-based developer Pyramid Infratech to compensate over Rs 8.22 crore to 2,476 flat owners, who had invested in the company’s two affo...