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March may be the worst FY19 month for realtors as homebuyers delay payments - GST Station

March may be the worst FY19 month for realtors as homebuyers delay payments

March may be the worst FY19 month for realtors as homebuyers delay payments

    Last month, the GST Council reduced GST on under-construction properties, from 12 per cent to 5 per cent for under-construction properties

    MUMBAI: This March could be a washout for property developers as many homebuyers are delaying their construction-linked payments to April after the government reduced the goods and services tax (GST) rates on under-construction properties, but made it applicable from April 1.

    According to sources, collections of developers in March have come down by 60-80 per cent due to this. Last month, the GST Council reduced GST on under-construction properties, from 12 per cent to 5 per cent for under-construction properties and cut GST rates on affordable housing from the current 8 per cent.

    Source- Business Standard.

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