It’s great news for home buyers. Service tax on the one time maintenance fees and repairs paid to the builders has been scrapped.
Buyers were required to pay 12.36% of service tax on the one time deposit to the builders. This news is being welcomed by many, including realtors. They believe the move will help reduce the cost of property for the customers.
It could also help revive the dipping sales due to increased taxes and high prices of property. Other related taxes should also be reviewed to encourage customers to invest in property, which will benefit the industry as well.