Insertion of property sector in GST can brought down realty prices by 20%’

By Accommodation Times Bureau
Insertion of realty fraction in the proposed goods and services tax (GST) regime which is trying to comprise the entire nation’s market into individual market, could brought down the realty rates by 20%, 13th Finance Commission chairman Vijay Kelkar said.
Kelkar added that, “the contemporary system of charging stamp duty will be sacked if real estate sector included in the GST, and according to the overseas market survey reports said that those prices for consumers will come down by 15 to 20 percent if this is implemented.”
He also pointed out that primary report of the 13th Finance Commission calls for inclusion of real estate sector in the GST’s ambit. Cites, which have been stalling implementation of GST for the last two years, get sizable revenue from stamp duties on property sales, but Kelkar said they will be compensated.
Even after the states are compensated, there will be savings at the ultimate consumer-end, he said.

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