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As the construction of joint development agreement based properties grows in West Bengal, the Calcutta High Court expects to see a flood of suits being filed about the uncertainty of the goods and services tax applicability on these supplies.
The government is trying to bring real estate sector under the ambit of Goods and Services Tax. According to sources, in the 18 January meeting of GST council, this issue can be discussed.
According to The Associated Chambers of Commerce and Industry of India (Assocham), if the Realty is put under the GST, it is required to come with moderate rate and stamp duty, without attaching the cost of housing and construction.
On Wednesday, Union Finance Minister Arun Jaitley said that the GST Council members will discuss to be included real estate sector under the newly implemented Goods and Services Tax (GST) Regime.
The Delhi minister is very much concerned about some major issues ahead of GST as he thinks in the way which is known to be very much beneficial and thoughtful, as the intention is that land and real estate ought to be brought inside the Goods and Services Tax (GST) administration and shopper durables ought to be exhausted at the most minimal chunk to make the new
Commenting on the Center’s dropped proposal of bringing Real estate under GST, the Taxation Minister Zenith Sangma stated that the middle class and the lower middle class would be affected if the real estate sector comes under Goods and Services Tax.
As the Modi government initiated its greatest war on black cash yet, chief economic advisor Arvind Subramanian pitched for land and real estate under the GST administration to check tax evasions and black money avoidance.
All under-construction properties will invite a GST of 5 per cent with no input tax credit. However, GST will not be applicable to ready-to-move-in properties.
Before Finance Minister Nirmala Sitharaman, Real estate developers have made a representation to revise the circular that levies an 18% GST on the corporate guarantees provided via concerned parties. “According to developers, GST at 18% rate should apply to either the actual consideration or 1% of the guaranteed amount, choosing the lesser of the two,” […]
