GST on homes: Homebuyers are likely to face additional dilemma in choosing their next home

While goods and services tax should ordinarily be levied only on goods and services, and not immovable property, Indian indirect tax laws have historically deemed a supply of goods/services in the context of sale of under-construction apartments. By way of recent amendments, GST rates on under-construction residential apartments have dropped from an effective tax rate of 12% (8% for affordable hou…