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Once GST kicks in, prices of flats may drop by up to 5%.

Dated on: Tuesday 23rd May 2017

Industry experts say that for normal houses (up to Rs 6,000 per sq ft), 12% GST on a finished house or an apartment will be effectively reduced to near zero as the developer will take the credit for taxes he paid on inputs. At the same time, the buyer will not have to pay the service tax 4.5% of the price of the house. This will reduce the cost of acquisition of the house.