After RERA Centre is Ready to Bring Real Estate into GST

After the inception of RERA into real estate system, the Central Government is planning to bring real estate under GST Arun Jaitley said, The one sector in India where the 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 believe that there is a strong case to bring real estate into the GST. The move came in compliance with the Real Estate (Regulation and Development) Act 2016 to bring the much-needed transparency and to check tax evasion in the sector. However, GST is already applicable to properties that are under construction but ready for sale properties are out of the purview of the new tax till now. The council is set to discuss the topic of bringing real estate within the ambit of GST. 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, Jaitley said.

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