New GST rates may raise property costs, say real estate developers

Real estate developers are concerned that the implementation of the goods and services tax (GST) may raise the overall cost of properties if the sector comes under the expected 18% tax slab and stamp duty is not subsumed in the new tax structure. The GST Bill was cleared in Parliament’s budget session, paving the way for roll-out of the indirect tax regime on 1 July. According to the legislation,…