GST will subsume central excise, service tax and state VAT


GST will be levied on renting, EMI on under-construction property

Come July 1 and leasing of land, renting of buildings as well as EMIs paid for purchase of under-construction houses will start attracting the Goods and Services Tax (GST).

Sale of land and buildings will be however be kept out of the purview of GST, the new indirect tax regime. Such transactions will continue to attract the stamp duty, according to the legislations Finance Minister Arun Jaitley introduced in the Lok Sabha yesterday for approval.


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