FAQs: Assessment of an impact on real estate and oil & gas sectors

Frequently asked questions on how will GST impact on real estate and oil & gas sectors

Sayan Ghosal 

Real estate How is it impacted by GST? The real estate sector includes activities such as the sale of completed and under-construction properties. Under the current tax framework, the sale of completed properties is subject only to stamp duty whereas transactions of under-construction properties are subject to stamp duty, VAT and central service tax. VAT rates differ from state to state while the central service tax is charged under an abatement scheme (3.5 per cent for properties under 2,000 sq ft and sold under Rs 1 crore or 4.5 per cent otherwise). Additional levies such ...

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Read our full coverage on GST

FAQs: Assessment of an impact on real estate and oil & gas sectors

Frequently asked questions on how will GST impact on real estate and oil & gas sectors

Frequently asked questions on how will GST impact on real estate and oil & gas sectors Real estate How is it impacted by GST? The real estate sector includes activities such as the sale of completed and under-construction properties. Under the current tax framework, the sale of completed properties is subject only to stamp duty whereas transactions of under-construction properties are subject to stamp duty, VAT and central service tax. VAT rates differ from state to state while the central service tax is charged under an abatement scheme (3.5 per cent for properties under 2,000 sq ft and sold under Rs 1 crore or 4.5 per cent otherwise). Additional levies such ... image
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