One Year of GST: Real Rstate needs a few aspects to be tweaked says Hiranandani

By Dr. Niranjan Hiranandani, President, NAREDCO

MUMBAI: The Goods and Services Tax (GST) has undisputedly, been the biggest reform for the Indian economy since 1947, as also a paradigm changing event for the real estate industry.

On completion of the first year under the GST regime, Dr. Niranjan Hiranandani, President, National Real Estate Development Council (NAREDCO) said that while implementation of GST has resulted in implementing ‘one nation, one market, one tax’ as also doing away with multiple state and local body level taxes in addition to central levies, there are pending positives that were to accrue from implementation of GST – which are still awaited.

Describing GST a ‘game-changer for the Indian economy, including real estate’, he pointed out that as GST has brought more than 16 major taxes and levies into a single consolidated tax, in the avatar of a unified tax regime. This has effectively stopped the unwanted practice of double taxation, which was earlier adversely affecting real estate and other sectors, given the cascading effect which inflated prices for end users.

On completion of one year, real estate, while having gained from positive aspects, has some other aspects, be they about the manner in which implementation of the GST regime has taken place, or with regards some unresolved issues that have arisen as a result. The housing sector is still awaiting the attention of policymakers, with the hope that these will be sorted out.

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