Realtors appeals for cut in GST rates
The Association of Certified Realtors of India (ACRAI) has appealed to the housing ministry to reduce the 18% goods and services tax (GST) levied on brokers on the brokerage they earn from builders on each transaction. “We have appealed to the ministry to reduce GST on our services from 18% to 5% to help us overcome distress and give better job opportunities to our community in coordination with the GST Council,” said ACRAI president Ravinder Aggarwal. Additionally, in a letter to the GST Council, brokers have appealed that real estate agents be exempted from GST on services provided for affordable housing. Brokers said they were grappling with a slowdown in sales and finding it difficult to survive as builders refused to pay GST levied on sales. The bodies representing brokers, including ACRAI and the National Association of Realtors, had also appealed to the central committee to revoke the 5% penalty on brokers.
Tags : News/Views