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IMPACT OF GST ON SELECT SECTORS (PART-1)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 11-2-2016 - GST, when comes, shall impact almost every one individually and to all sectors of trade and industry. Some of the sectors are discussed hereunder. Land, Real Estate, Renting Presently, Real estate transactions are taxed as levy of stamp duty. Renting/leasing transactions are covered under Service Tax. However, long-term leases suffer both, stamp duty and Service Tax and are under litigation presently. Construction acti .....

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e.g., in Canada, New Zealand, South Africa, Australia etc.) To avoid disputes and have parity, it would be ideal if such transactions are not subjected to multiple taxation, are brought under the ambit of GST and made cenvatable so that businesses may benefit if such property is used for trade or commerce or furtherance thereof. It appears that stamp duty may not be subsumed in the proposed GST. Excluding real estate transactions may lead to economic distortions as well as classification dispute .....

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ailways. While IR has a separate budgetary allocation by way of Rail Budget, its operations are subject to certain direct / indirect tax provisions in terms of direct tax, excise duty, service tax, Swachh Bharat Cess (SBC) etc. IR operates through zones, divisions and most of public sector undertakings, besides various business models / projects under PPP/JVs. Major revenue sources of IR include freight, passenger fare, advertisement & publicity, land lease, other leases etc. Looking to the .....

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xempted from Excise Duty/GST. Present Chapter 86 of CETA, 1985 relating to Overhead electric wires and other related equipments may be covered under definition of Capital Goods for allowing Cenvat Credit. All projects being executed by Indian Railways through PPP/JV may be exempted from levy of proposed GST etc. to give a boost to Rail Infrastructure Development as well as to boost Indian economy. Long term leases meant for development of infrastructure should be considered as transfer of asset. .....

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