The GST regime has emerged as an evolution of the real estate sector. For the last few years revamping the real estate sector remained as an uphill task. Giving a complete end to the much complicated and less transparent multi taxation system, this newly introduced regime is giving new hopes to the interested buyers and developers. According to the sources, National Real Estate Development Council (NAREDCO) believes that the 12% GST on the projects undergoing construction will help in enhancing the sector.
“The GST is going to be the biggest breakthrough for real estate market as it is going to transform around sixteen major taxes into a single simplified one. The GST Council has also kept the affordable housing policing in mind so it’s quite clear that the new taxation regime would be beneficial to all. The prior multiple taxation process was complicated for both the buyers and us. Moreover, the lack of transparency related to the tax charges used to keep most of the investors unresolved. Now, after the enactment of GST, the investors and buyers don’t have to knit their brows while purchasing any land or property. It’s indeed a positive change as both the newly introduced enactments, RERA & GST are working in the same direction by assuring transparency and credibility in the real estate sector. Being a developer, I am open to all amendments that tend to make our market more productive for all. As the GST is now in action, people should try to know the ins and outs of this regime so that they stay updated with the pros of it” says Avneesh Sood, Director, Eros Group.