The Thugs of Real Estate

Director General of Anti-Profiteering (DGAP) is said to be investigating over 50 real estate firms for indulging in profiteering under the Goods and Services Tax (GST). The agency found that 60 per cent of the 125 developers under its scanner did not pass on the input tax credit benefit to homebuyers. The companies are located across the country and include some of the big names in the real estate industry.

Central and state governments levied 5.5-6.5 per cent taxes on the under-construction properties before GST came into effect. After GST implementation, real estate was placed under the 12 per cent tax slab.

Following this, many builders raised prices though they could claim input tax credits against products and services after paying the taxes. Thus, though their tax liability came down considerably in the GST-era due to tax refunds, they did not lower prices of the apartments.

No wonder now many of these guys want the Govt to do away with Anti-Profiteering systems.

They need to refund everyone's extra charged money. more  

View all 16 comments Below 16 comments
Builders are gangs of Decoits now a days and motivating people to earn money to purchase their flats as we know in India People's first choice is to make first Family then Flat then car then AC then Children then Public Schools then Family Insurance then Tourism then again Marriges of Children.
But Salary ranges 15000 to 45000 maximum for common non linked people. more  
We just make certain rules,but there is no machinery for its implementation.I think atleast for 2 years a machinery should look for implementation.Also resolve the problems faced by people and punish heavily to those who do malpractices. more  
It seems, there are no proper enforcement agencies under RERA more  
No wonder that we aren't able to sell our plot in gurgaon.....the agents come up with mouth-watering prices but when it comes down to brass-tacks, the reality is heart-rending..... more  
Unitech Ansals have not bothered to repay back FD invesators principle plus due interests ? and govt doing nothing to get back investors money ? these are the acche din the BJP govt stated ? more  
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