Realty developers urge govt to reconsider proposal to bring FSI, additional FSI under GST
Realty developers’ body CREDAI has written to the finance minister Nirmala Sitharaman urging a review of the proposal as the move would result in a substantial incremental impact on project costs, pushing housing prices up by around 10% across various property markets of the country.
“FSI/ additional FSI charges constitute a significant part of the project cost, and the proposal to impose 18% GST on such charges could prove to be counterproductive and act as a deterrent to housing supply and demand, owing to additional financial obligations and increasing housing prices as a direct consequence. We strongly request and recommend to the Government to keep the FSI charges exempt from GST,” said Boman Irani, president, CREDAI.
Any retrospective or prospective charges, according to him, could destabilize the financial foundations of numerous projects, hampering the ability to facilitate timely possession by developers.
The 55th GST Council meeting is scheduled to be held on Saturday in Jaisalmer, Rajasthan.
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