Realty Mulled To Be Part Of GST: Jaitley

Posted By:
Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    In its next GST Council meet slated for November 9 in Guwahati, the Finance Minister along with other state representatives will discuss on the inclusion of realty sector within the GST purview.

    Realty Mulled To Be Part Of GST: Jaitley

    On the sidelines of a lecture delivery on taxation reform in India today, Finance Minister and head of the GST Council said, ""The one sector in India where maximum amount of tax evasion and cash generation takes place and which is still outside the GST is real estate. Some of the states have been pressing for it. I personally believe that there is a strong case to bring real estate into the GST".

    So, with its implementation, the end home buyer will benefit who would then have a dole out a single net amount which shall be way very less.

    Land and immovable property has been kept outside the GST ambit while under-construction building or civil structure that is intended for sale attracts 12% GST while for ready to move in accommodations there is no GST.

    Bringing in more individuals under the tax net and a better compliance is likely to offset the shadow economy in the times to come. And the minister applauded the demonetisation move which helped in attaining some associated goals.

    With Inputs From PTI

    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more