Is GST applicable on stamp duty and registration charges?
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Is GST applicable on stamp duty and registration charges?
GST on house registration: GST does not subsume stamp duty or registration charges; you still have to pay these duties while buying a property. GST is applicable on the services that banks offer, as part of the home loan, including processing fee, legal fee, etc.
What is stamp duty and registration in Maharashtra?
The stamp duty charges in Maharashtra vary between 3\% and 6\%, depending on various factors, while the registration charges in Maharashtra are 1\% of the total cost, for the properties priced below Rs 30 lakhs and capped at Rs 30,000 for properties priced above Rs 30 lakhs.
What is the cost of stamp duty?
Why do we have to pay it?
| Purchase Price | Stamp Duty \% |
|---|---|
| £125,001 to £250,000 | 2\% |
| £250,001 to £925,000 | 5\% |
| £925,001 to £1,500,000 | 10\% |
| Over £1,500,000 | 12\% |
What is the GST for flat registration?
GST Rate on Flat Purchase 2021 On residential properties that are not part of the affordable housing segment, GST charges on a flat purchase will be paid at 5\% without an input tax credit (ITC). Residential properties included in the affordable housing segment will be subject to a 1\% GST without an ITC.
Is GST the same as stamp duty?
Stamp duty is a form of tax. It is applied to a number of transactions, including transfers of property, mortgages and motor vehicle registrations. “The transaction is charged, with the amount based on the greater of the market value of the property or the price paid, including any GST.
How can I save stamp duty and registration charges in Maharashtra?
By registering the property at Circle Rate or Guidance value you can save substantial amount in stamp duty & registration charges. If you register the property @ 1 Cr then you will be paying 6 lac as stamp duty & 1 Lac as Registration charges in Delhi therefore total payout is 7 lac for registration.