Published on 13/10/2017 4:17:55 PM | Source: Dion Global Solutions Ltd
Government plans to bring real estate under GST ambit: Reports
The Finance Minister has said that the issue of bringing real estate under the GST's ambit will be discussed next month. Commenting on the issue, Finance Minister Arun Jaitley told the media, “The matter will be discussed in the next meeting of the GST Council to be held on November 9 in Guwahati.” "The one sector in India where maximum amount of tax evasion and cash generation takes place and which is still outside the GST is real estate.
Some of the states have been pressing for it. I personally believe that there is a strong case to bring real estate into the GST," Jaitley said. "In the next meeting itself, we are addressing one of the problem areas or at least (having) discussion (on) it.
Some states want, some do not. There are two views. Therefore, by discussion, we would try to reach one view," he said. “The move would benefit the consumers who will only have to pay one "final tax" on the whole product,” Jaitley said.