{"id":1355,"date":"2017-07-08T12:18:35","date_gmt":"2017-07-08T12:18:35","guid":{"rendered":"http:\/\/www.trimurty.com\/blog\/?p=1355"},"modified":"2025-03-29T11:48:18","modified_gmt":"2025-03-29T11:48:18","slug":"home-buyers-check-gst-will-expenses","status":"publish","type":"post","link":"https:\/\/www.trimurty.com\/blog\/home-buyers-check-gst-will-expenses\/","title":{"rendered":"Home Buyers Check What GST Will Do Your Expenses"},"content":{"rendered":"
\n

Buying a property under the GST regime would most certainly become cheaper & simpler<\/span><\/i>.<\/span><\/p>\n

What makes us say so? Well, it’s simple because as a home buyer, you now wouldn\u2019t have to find rates of so many different taxes \u2014 like service tax, excise duty, VAT (value-added tax), entry tax, customs duty, etc. When compared to the 18 per cent <\/span>GST<\/span><\/a> rate, real estate transactions involved tax payments of up to 25 per cent, owing to the existence of a multitude of levies. Because of the input tax credit facility, developers will only be paying 12 per cent <\/span>GST<\/span><\/a>, which would further lessen the tax amount.<\/span><\/p>\n

However, the same cannot be said about setting up your new home. In case you have already bought a house and are planning to shift soon, there are many ways in which GST would raise your expenses.<\/span><\/p>\n

1. Maintenance charges to go up<\/span><\/h2>\n

Let\u2019s start with maintenance charges. Before July 1, an apartment owner paid 15.55 per cent as tax on maintenance charges. Under GST, this owner would be taxed at an 18 per cent rate, a difference of 2.5 per cent.<\/span><\/p>\n

Take note that maintenance charges do not include utility bills, such as electricity and water charges or property tax and stamp duty.<\/span><\/p>\n

2. Pay more for decking up your home<\/span><\/h2>\n

If you are planning to hire the services of an interior decorator to beautify your house, you will be paying an additional three percent tax under GST.\u00a0<\/span><\/p>\n

    \n
  • Previously, a 15% service tax was charged on interior decorator services.<\/span><\/li>\n
  • Under GST, the tax rate is increased to 18%.<\/span><\/li>\n
  • Tax rates for carpets and LED lights have been significantly reduced.<\/span><\/li>\n
  • LED lights and lamps now have a reduced tax rate of 12%, down from 17.5%.<\/span><\/li>\n
  • Carpets are also taxed at 12%, a major reduction from the earlier 25%.<\/span><\/li>\n<\/ul>\n

    3. Pay more for TV, AC<\/span><\/h2>\n

    In case you have to buy a new television, a new refrigerator, a new microwave, a dishwasher and a new washing machine for your new home, you may have to pay double the price that you paid before July 1, the day on which the GST regime came into effect. Manufacturers of these items will have to pay effective four per cent more in taxes now.<\/span><\/p>\n

    4. The additional burden on your kitchen<\/span><\/h2>\n

    This is for you, the woman of the house. You will be paying more to have an ample supply of your favourite beverages, tea, coffee and aerated beverages. The rates varied between three and nine per cent earlier. Aerated beverages would be taxed at 28 per cent under GST.<\/span><\/p>\n

    5. Pay more to stay connected<\/span><\/h2>\n

    Wait, you will also be paying more to enjoy uninterrupted DTH services, internet and Wi-Fi connectivity. Because the new tax regime would need you to be more tech-savvy than ever, you must ensure you have an internet or Wi-Fi connection.<\/span><\/p>\n

    6. Ready to transact? Pay more for that, too<\/span><\/h2>\n

    To buy your household items or to avail yourself of the services, you will be using plastic money. This, too, is going to cost you more now. For all your banking needs, you will be paying a higher amount to avail of the services.\u00a0<\/span><\/p>\n

      \n
    • Banking services, including ATM withdrawals, will have higher charges.<\/span><\/li>\n
    • Online shoppers should expect to pay extra.<\/span><\/li>\n
    • Before July 1, e-tailers did not pay any tax to the government.<\/span><\/li>\n
    • Now, e-tailers will pay a standard tax of 1%.<\/span><\/li>\n
    • This tax may result in higher costs for shoppers.<\/span><\/li>\n<\/ul>\n

      Conclusion<\/span><\/h2>\n

      While GST simplifies home buying by lowering real estate taxes, homeowners may face increased costs for maintenance, home decor, and household appliances.<\/span><\/p>\n

      Frequently Asked Questions<\/span><\/h2>\n

      Q. Does GST make home buying cheaper?<\/span><\/h3>\n

      Yes, GST has simplified taxes and reduced overall costs by eliminating multiple levies, making home purchases more affordable.<\/span><\/p>\n

      Q. How does GST affect home maintenance charges?<\/span><\/h3>\n

      Maintenance charges have increased from 15.55% to 18% under GST, adding a slight extra cost for homeowners.<\/span><\/p>\n

      Q. Will household items be more expensive under GST?<\/span><\/h3>\n

      Yes, items like TVs, refrigerators, and ACs have higher tax rates, while LED lights and carpets have reduced taxes.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"Buying a property under the GST regime would most certainly become cheaper & simpler. 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