The Goods and Services Tax (GST) roll out in July provides a unique opportunity for both buyers and developers
With Goods and Services Tax (GST), one of the biggest tax reforms of independent India, all set to be a reality soon, the real estate sector is expected to get a boost. The good news for both the developers and homebuyers is that they will all stand to gain from this historic financial move.
Industry experts feel that the move will help the sector in a big way. Jaxay Shah, president, CREDAI, talking about GST and its possible impact on the real estate sector, stresses, “CREDAI welcomes the introduction of GST as a major reform since it integrates all central and state taxes into one comprehensive tax regime for the entire country. Trade and industry are major gainers of GST as it will eliminate multiple taxation at the level of states and the Centre, with the consequent cascading effects.However, whereas for all other sectors, GST is their total indirect tax liability, for the real estate sector, the GST rate, fixed at 12 per cent, is only a fraction of its tax burden.
Source : The Times of India.