New Delhi, August 10, 2016: In the advent of Rajya Sabha passing the GST bill, Jason Kothari, CEO, Housing.com says, “The GST Bill, which was passed in the Rajya Sabha and is being touted as India’s biggest tax reform, has been a long-standing request of the real estate sector that has been plagued by multiple layers of taxation. While the immediate benefits of the GST are expected to go to segments like logistics and warehousing, and retail – residential real estate, in the long term, should benefit from an unified tax regime, a lesser tax burden on construction materials like cement, steel, etc. This, in turn, can lead to lower construction costs for developers, who can pass on the price benefit to home buyers. The tangible benefits for the home buyer will also depend on the final rate of GST. If the rate is higher than the taxes being paid currently, it could increase the cost of an under-construction flat. However, the GST’s impact on creating a transparent taxation system and boosting business sentiments is very positive.”
Corporate Comm India(CCI Newswire)
