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Goods and Service Tax (GST) and Real Estate Sector

Goods and Services Tax - GST - By: - Bijay Shrestha - Dated:- 3-4-2017 Last Replied Date:- 3-4-2017 - As we all know that the whole nation has been dreaming for the biggest indirect tax reform i.e. implementation of the Goods and Service Tax (GST) for a decade, it is going to become a reality soon. Ever since the thunder of GST has hit the nation, there are various assumptions, presumptions, and expectations etc. among the different stakeholders such as government, consumers, companies etc. as t .....

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their survival, growth and profitability under the new tax regime. Among the various such sectors, one of the most important sectors is Real Estate. Since the Real Estate sector alone contributes around 5% to 6% to the country s GDP, it is very important for the sector to analyse, discuss and prepare for possible impacts on Costs, Taxes and Profitability under GST. Under the current indirect tax regime, the Real Estate sector has always been very litigious matter. The Real Estate sector is expos .....

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equently, many tribunals, high courts and the Supreme Court have given different judgments with regard to such issues. Moreover, the Real Estate Builder/Developer is not eligible to take credit of custom duty, excise duty which will add to the cost of constructions ultimately increasing the prices of apartments, flats etc. Also there is no provision to take credit of VAT against Service tax and vice versa. Due to the multiple taxes, the Builder/Developer has to maintain various books and records .....

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ome ownership. It has also promised seamless flow of tax credit which will help the Builders/Developers to reduce cascading effect and restructure their cost estimation and pricing with less compliance cost and time. The Government is leaving no stone unturned to rollout GST from July 1st, 2017. Now the Lok Sabha has also cleared four supplementary GST Bills i.e. CGST, IGST, UTGST and Compensation Cess Bill with some amendments. This has marked a historic step for GST to become a reality. As per .....

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