Finance Minister Arun Jaitley has said that the issue of bringing real estate to the realm of GST will be considered next month. This is an area where most tax is stolen and cash is transmitted. Jaitley said that this matter will be discussed in the next meeting of the GST Council on November 9 in Guwahati.
Jaitley said in the annual Mahindra lecture held at Harvard University of America, “India is the largest cash producer in real estate and it is still out of the realm of GST. Some states are insisting on bringing it within the realm of GST. I personally believe that there is a strong basis for bringing real estate to the realm of GST. “The Finance Minister said that it will be discussed in the next meeting. Some states are in favor of it and in some respects. Efforts will be made to get the consent of everyone in the meeting.
Jaitley said that consumers will get the benefit of this, which will be finalized only by paying one tax. This tax would be minor under GST. On the question related to the ban on bondage, he said that this is a necessary basic improvement to bring more and more people into the tax net. This has increased tax base. Jaitley said that the goals related to it are long-term. Certainly there have been some problems in the beginning, but the move was necessary.
Banking sector will be rebuilt: Finance Minister also spoke about the reconstruction of banking sector capacity He said that the government is working on the scheme in this direction so that the banking sector can contribute to the development. Jaitley is on a weekly visit to the International Monetary Fund and the World Bank to attend annual meetings.
This will be effect: if GST is located on real estate then it will replace the stamp duty on the property’s purchase and sale. Tax on property transactions across the country will be uniform. Finance Minister Jaitley, speaking at the Harvard South Asia Institute in Boston, USA,
Scope Capsule Course on PSU GST: Top Scope of Public Enterprises ie Standing Conference of Public Enterprises organized a capsule course on GST for PSU officials. The event was organized in collaboration with the National Academy of Customs, Excise and Narcotics. Inaugurating this, Dr. Yu, Director General, SCOPE. D. Chaube said that the implementation of GST is a historical step. This will take the country towards long-term economic development and will help in removing regional inequality. Concession in GST on Vehicle Leasing.