GST Needs Clarity
Property Expert English|September - October 2016

GST may usher in clear and transparent taxation rules for the real estate sector in India. But the new law requires many clarifications for its effective implementation.

Anil Pharande

The Goods and Services Tax (GST) has now been passed by the Rajya Sabha as well as the Lok Sabha, and now needs to be ratified by at least 16 of 29 state assemblies. GST is a comprehensive indirect tax on sale, manufacture and consumption of different kinds of goods and services throughout India, with all other Central and state taxes intended to be subsumed under it. It has far reaching implications for different sectors of economy, including real estate.

Taxation and real estate industry

If we take a look at the real estate industry in India today, we find that there have been major tax changes in the last few years. However, these taxes are not uniform all over the country – different practices and regulations are followed in different states. It was the 46th Amendment to the Constitution that brought massive changes towards taxation in the real estate sector. Later in the following years, special powers were given to the state governments for implementing Value-Added Tax (VAT) on some specific kinds of transactions.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM PROPERTY EXPERT ENGLISHView All

Shop Day and Night!

The approval of Model Shops and Establishment Bill may revive the fortunes of the sluggish landscape of malls and retail stores in the country

3 mins read
Property Expert English
September - October 2016

Real Game-Changer?

The introduction of GST will have a cascading effect on the real estate sector due to the positive symbiotic relationship it shares with more than 250 sectors such as cement, steel, IT, BFSI, etc

4 mins read
Property Expert English
September - October 2016

Poised to Take Off

With Jewar Airport all set to become a reality in future, there are big hopes for the revival of real estate markets in Noida Expressway, Greater Noida, Yamuna Expressway, Ghaziabad, and even Agra.

4 mins read
Property Expert English
September - October 2016

LatestPastel Trends

Impart versatility toyour wooden interiors with right mix of colours, patterns and textures to give your home a touch of sophistication and refinement

3 mins read
Property Expert English
September - October 2016

GST Needs Clarity

GST may usher in clear and transparent taxation rules for the real estate sector in India. But the new law requires many clarifications for its effective implementation.

3 mins read
Property Expert English
September - October 2016

Cheers for Real Estate

The SEBI has proposed relaxed norms for REITs to allow them to invest more in under-construction assets. REITs are well on the path of becoming one of the most attractive investment vehicles

5 mins read
Property Expert English
September - October 2016