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Following the recent exemption offered on development rights from the goods & services tax (GST), NAREDCO, the representative of Realtors have asked for clarity from the Ministry of Housing and Urban Affairs through a written note.
On 24th Feb 2019 GST council in its 33rd meeting, Council mulled over the proposals to cut GST rates on real estate. Once the proposals are cleared, buying an under-construction apartment will become cheaper.
The logistics sector plays a very important role in the growth of a nation and economy. After the implementation of the GST (Goods and Services Tax), the logistics sector of India saw a great growth of $194 billion and it is estimated that, within two years, there will be an increment of $21 billion
The suggested GST rate cut on the under-construction houses from 12% to 5% without availing the input tax credit has been appreciated by the developers who think it will boost the demand of the real estate industry.
Refunds of many importers have got cemented due to the fact that refunds are not subject to the self-assessment of the transactions, as explained by the income tax department while declining the reimbursement.
Bilaspur, Chhattisgarh, the GST lessons for the first time has been included in the syllabus of the students as the State Government has felt the requirement of the GST lessons to be given to the students as beginners.
In the recent 34th GST council meeting there were a lot of changes brought into the real estate sector regarding the rate cut over under construction properties. However, the finance minister has assured that the next meeting agenda would be cement rate reduction.
There are always two sides of a coin and this is true for GST too. While we can agree to disagree on its immediate effect which has witnessed a mixed bag of complementary as well as stern-criticizing reviews from the common taxpayer and business community alike, we must also try to draw a parallel between the erstwhile VAT and the current GST regime.
People are demanding to rationalise the tax at a certain level in all the sectors. Considering the point of people, the Minister of State for Finance Shiv Pratap Shukla is planning review the tax in the educational sector as ‘Education is the most powerful weapon which one can use to change the world’.
