By Accommodation Times Bureau
To curb investors and speculators in real estate, Govt is coining an idea to impose #GST on Real Estate Transaction. GSt is applicable on all under construction transactions.
In Washington, Finance Minister Arun Jaitley was talking on ‘Annual Mahindra Lecture’ on India’s tax reforms at the prestigious Harvard University. He said that real Estate the sector where maximum cash and black money do exchange while speculators and investors are active.
“The one sector in India where maximum amount of tax evasion and cash generation takes place and which is still outside the GST is real estate. Some of the states have been pressing for it. I personally believe that there is a strong case to bring real estate into the GST,” He added.
“In the next meeting itself, we are addressing one of the problem areas or at least (having) discussion (on) it. Some states want, some do not. There are two views. Therefore, by discussion, we would try to reach one view,” he said. “As a result, the final tax paid on the whole product in the GST would almost be negligible,” he added.