GST effect on payments for property

Builders to charge 12% from 1st July (instead of 4.5%) of balance sum due in July as part of GST. E.g. Flat price – 1Cr, Down payment paid – 20 lacs (thus Service Tax @ 4.5% is 90000 as of before 1st July), balance – 80 lacs (with 4.5% you had to pay 3.6 lacs however with GST you will have to pay 9.6 lacs).

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