By Kunal Gandhi
Accommodation Times News Services
According to Delhi’s deputy CM land and real estate should be brought within the goods and services Tax regime and consumer durables should be taxed at the lowest slab, to make the new indirect tax regime consumer friendly. He furthermore stated that keeping land and real estate outside the purview of the Goods and Services Tax (GST) and a higher taxation slab for consumer durable, would contradict its basic purpose.
Addressing the ‘National GST Conclave’ Deputy CM said dual control of GST also contradicts its intended objectives and sought more intense consultations on the issue in future GST council meetings, arguing that the objectivity of the GST should be consumer and trader-oriented and it should not entirely aim at raising taxation with higher rates.
world over Real Estate is not included in GST because Land and building are not Goods and Services. In fact there was a strong demand to waive off and repeal Stamp Duty on property transactions once GST is applied.