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Realty Mulled To Be Part Of GST: Jaitley
The ill effects of a shadow economy are being ruled out gradually with better compliance as now more individuals are being brought under the tax net.
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.
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
