Impact of GST on Industry with Special Reference to the Real Estate Sector.

Jain, Sandeep

The introduction of GST in India has ensured uniform exemption list, uniform rates and uniform collection procedures throughout the country. For the industry, this implies a shift from a complex system of multiple tax rates and collection procedures to a new system that is technology-based, transparent and free from distortions. This paper outlines the benefit of GST for the industrial sector with special emphasis on the real estate sector. Real estate is an important sector of the Indian economy in terms of contribution to GDP and employment. With various concessions announced by the GST Council from time to time for the real estate sector, the sector is bound to get a boost. At the same time, the government will also ensure proper monitoring of one of the most unregulated sectors in India, by ensuring that the rate cut benefits are passed on to the neo and middle-class home buyers.

VALUE-added tax; REAL property; GROSS domestic product; TAXPAYER compliance; ECONOMICS

Vision: Journal of Indian Taxation, 2019, Vol 6, Issue 1, p28

2347-4475

Academic Journal

10.17492/vision.v6i1.185481