Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Industry News

| More

GST report card on completion of its 2nd year

Posted On: 2019-06-29 22:14:26

On July 5th, the Goods and Service Tax (GST) will complete second-year of its implementation in the country. The early day's jitter of this tax reform has given away to general acceptance in the country and has escalated confidence in various sectors. Like every sector, the realty segment has experienced certain heights with these tax reforms. The sector still seeks a number of issues that needs to address. Here's how the past two years panned out.

The indirect tax system in India has replaced multiple taxes levied by the central and state governments. Initially, people associated with real estate were perplexed regarding the indirect tax, but slowly it has brought the much-required transparency and accountability in the working of the real estate fraternity.

In the earlier days of its implementation, the GST council had decided a 12% rate for properties under construction. However, the council in its 34th meeting has allowed developers, for under construction properties up to March 31, 2019, to choose between the old GST rates of 12% with ITC or opt new GST rate of 5% without ITC. While for affordable housing the GST shall be levied at an effective rate of 1% without ITC.

Talking about steps taken, Santosh Agarwal, CFO, AlphaCorp said, "The introduction of Goods and Service Tax (GST) brought a positive impact in the Indian real estate sector. It has simplified the complicated tax regime by replacing the multiple taxes levied by the central and state governments. The recent announcement to choose either the old structure with ITC or to shift to a new 5% and 1% rates without ITC helped avoid operational hassles. The sector has adopted the new system of taxation as well as passed on the benefits to the end customer in a transparent manner."

The GST council along with Government has brought in various changes. The sector seeks further changes like slashing GST rates on raw materials used for constructing homes. The lower GST rates on materials such as cement, glass, tiles, and marbles would bring down the overall construction cost of a unit, increasing the overall housing demand.

Talking about the changes required, Amir Husain, President- Sales & Marketing, Orris Infrastructure Pvt."The implementation of GST has boosted the sentiments of the property buyers in the country and has brought transparency in every sector, including the real estate sector. The sector will boom further if the stamp duty could be brought under the purview of GST. The announcement would help the property buyers to take the property decision and it would also increase sell in the real estate sector. Also, the government is leaving no stone unturned to make this tax reform more effective."

The GST implementation has changed the dynamics of the real estate sector; it has given buyers the confidence to invest their money safely in properties, with a number of changes required to be made.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

JRK Group launches Mobile Application for easy investment in shares and mutual funds

'Cordless Matlab Bosch' - Introducing Experiential Mobile Vans to Unveil the Power of Cordless

Duroflex introduces India's only certified orthopaedic mattress range

Signify illuminates Qutub Minar with warm white LED's

Now every qualifying SanDisk® product purchase could win you gold

Red Velvet takes to the skies on its first commercial service to New York City

DLF Shopping Malls win top awards at the 10th anniversary celebration of CMO Asia Awards 2019

Odisha delegation at Indian Business and Innovation Summit, Singapore.

GRUBOX, a unique unmanned retail startup, spreading its wings at national capital region

Phylion rolls out 10 million LEV Lithium-ion Battery Packs

RED FM's 'South Side Story' takes Delhiites on a magical Southern ride!

Signify celebrates Ganesh Chaturthi by illuminating Ganpati Pandal with 4,000 LED bulbs in Mumbai

RAK Ceramics inaugurates its New Orientation Centre in Gurugram

Cinépolis hosted a special tribute for teachers

TAFE's free of cost tractor rental platform - 'JFarm Services' launched in Gujarat

HubSpot launches redesigned App Marketplace for growing businesses

BT to deliver cyber security services for ICARE

Visit of Invest Odisha delegation to Guangzhou, China raises 36 Million Dollars from EST Group

Bharti Foundation partners with OpenLinks Foundation to launch tickLinks 2.0 mobile App for teachers

Poly Introduces G7500, a Meeting Room Solution Designed for Modern Indian Workplaces

1200 MW Annupur Thermal power project achieves 90% availability till date in the current financial year

Finzy Bags Product Innovator NBFC Of The Year Award

1-IndiaFamilyMart unveils two new stores in Mahoba and Rath in UP

Key telecom players bat for sustainable investments and regulatory improvements ahead of the 5G auctions

OPPO partners with Instagram for the 'Challenge Yourself' campaign for OPPO Reno 2

Revival in imported coal-based UMPPs drive 40% surge in Indian coal imports - Acuité Ratings

Chennai gets second Toys'R'Us store at Marina Mall

Buzzoka To Foray in Influencer & Celebrity Led Commerce

Canon India launches first exclusive 'Canon Image Square' store in Alappuzha

Decisions made by ACTICO's AI are fully explainable

Cabinet approves proposal for 26% FDI in Digital Media

Cabinet updates on FDI in Single Brand Retail Trading

Cabinet approves proposal for 100% FDI in Contract Manufacturing

Cabinet approves proposal for 100% FDI in Coal Mining

Cabinet approves Sugar export policy for evacuation of surplus stocks during sugar season 2019-20

DHFL Pramerica Life Insurance, Municipal Corporation and Health Department of Gurugram come together to fight dengue in the fourth year of #HumVsDengue Campaign

Tata AIA Life Insurance emerges as the fastest growing life insurance company in India

CSTPL, India's largest Pilot Training Organisation adds NEO A320 simulator to support pilot training in Bangalore

RBI's surplus transfer to strengthen the fiscal flexibility of Government

Enabling Cloud as a First Step to Business Transformation

Aeris Communications Wins 2 Awards in the Internet of Things at the CMO Asia Awards 2019

Rs. 20 Lacs to Rs. 20 Crore Startup: India's First-Ever Real Estate Company Offering Premium Rentals for Senior Level Business Travellers

Manage your Indoor Humid Condition with SHARP New Air Purifier cum De-Humidifier

IBBI registers Corporate Valuation Services as a Registered Valuer

Uber Announces 24x7 Safety Helpline

RED FM and ShowBox launch two new shows that will take you through music, culture, and Bollywood

Syska to launch Syska Google Home Mini Combo

Stratbeans enabled digital transformation for over 100 organizations globally

BIC Cello's Cricket Fever Pack gives fans the opportunity to meet world's No. 1 ODI bowler

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019