GST and it's impact on property Tax
I recently booked a 2BHK flat in Hyderabad Telangana. My registration is yet to be done. The total flat cost is ? 49,51,625. I have taken a home loan. The first disbursement has been released. I have raised a request for the final disbursement from the bank and have provided the builder a copy of the final cheque to start the registration process.
My builder had shared me the following applicable taxes:
Service Tax : 4.50% : ?2,22,823
VAT : 1.25% : ?64,681
Stamp Duty : 6.00% : ?2,97,098
My doubts are as below:
Are the applicable taxes correct ? I had read somewhere that the service tax should be 3.75% if the property cost is less than 1cr. and 4.5% if more than 1cr.
When will GST be applied ? How exactly it will affect the taxes for me?
Please Note: It is a gated community consisting of around 240 flats. I had done the initial booking in the month of Feb, 2017. At that time it was under construction. 4-5 families have started living there from the first week of june,2017