GST: Good or Bad for Real Estate Sector
GST, one of the greatest reforms, came into existence after decade long struggle and conviction, has surely created turmoil in each sector. From manufacturing units to taxation departments, no one can escape the enchanting it is professing. Let’s have a deep insight on what impact will be laid upon Real Estate Sector in India by the implementation of GST. In the recent past, real estate sector in India has seen a tremendous growth in every dimension, be it rural, urban and sub-urban sectors. The industry has seen increased regulations such as Real Estate bills (still in queue for approval) etc. The construction service has been taxable under VAT and service tax for long period of time now. The purpose of GST is to help in the elimination of conflicting and cascading taxation structure. Even after its progressive implementation, it is still under speculation about which tax rate will be applicable to the real estate and construction industry. The temporary tax bracket for ...