The Finance Minister Arun Jaitley on Wednesday had said that there was a strong case to bring real estate sector under the ambit of the goods and services tax (GST). He said that next meeting of GST council would consider this move. This statement of minister has garnered reactions of real estate players. The National Real Estate Development Council (NAREDCO) President, Dr. Niranjan Hiranandani has shared his views on bringing real estate within the ambit of the Goods and Services Tax (GST).
"The Finance Minister Mr. Arun Jaitley has spoken about bringing real estate within the ambit of the Goods and Services Tax (GST). He said the move would benefit the consumers who will only have to pay one “final tax” on the whole product. This is obviously, a good thing to happen, and the real estate industry will welcome the move. From the perspective of the home buyer, not only will RERA bring in transparency, but bringing real estate within the ambit of GST should also make it less of a burden vis-à-vis taxes payable at the time of buying the home. Not only will this create positive sentiment but it should also boost actual sales," said Mr. Niranjan Hiranandani, President, NAREDCO
