Posted by Rationale of introducing GST
Goods & Services Tax [GST] has been positioned to replace the complicated web of central and state taxes and offer a much needed relief to all the players in the eventual analysis. Needless to say, the real estate sector also stands to benefit from the roll out of the GST with the passage of the GST Bill in both the houses of the Parliament after much deliberation, oppositions, bargaining.
It may be a very good possibility that the buyer of dwelling units and commercial property will have to shell out less under the umbrage of the new GST regime. At least that is what seems to be the emerging opinion of tax professionals and chartered accountants.
In real estate transactions there are three separate typologies of tax ingredients. The first one relates to cost of land. The second pertains to the cost of materials and commodities that go into the process of construction of properties. The third element concerns the service charges constituting the overall cost of property.
GST in perspective for Real Estate
Till date, the State and Central Governments had been levying a plethora of taxes under different categories elements attracting such levies. But whether the migration to the new GST dispensation will bring about the much needed simplification and ease of compliance will be able to bring about a reduction in the overall outgo for the eventual buyer of dwelling units and commercial properties is not yet fully clear.if you are intersted to through sites for sale in sarjapura
Implication
From the above perspective, it is apparent that all the players in the industry stand to unevenly gain under GST, depending on the rationale applied in arriving at the rates of taxation on each ingredient. This is particularly important to analyze as the cost of land
Rationale of introducing GST
Goods & Services Tax [GST] has been positioned to replace the complicated web of central and state taxes and offer a much needed relief to all the players in the eventual analysis. Needless to say, the real estate sector also stands to benefit from the roll out of the GST with the passage of the GST Bill in both the houses of the Parliament after much deliberation, oppositions, bargaining.
It may be a very good possibility that the buyer of dwelling units and commercial property will have to shell out less under the umbrage of the new GST regime. At least that is what seems to be the emerging opinion of tax professionals and chartered accountants.
In real estate transactions there are three separate typologies of tax ingredients. The first one relates to cost of land. The second pertains to the cost of materials and commodities that go into the process of construction of properties. The third element concerns the service charges constituting the overall cost of property.
GST in perspective for Real Estate
Till date, the State and Central Governments had been levying a plethora of taxes under different categories elements attracting such levies. But whether the migration to the new GST dispensation will bring about the much needed simplification and ease of compliance will be able to bring about a reduction in the overall outgo for the eventual buyer of dwelling units and commercial properties is not yet fully clear.
Implication
From the above perspective, it is apparent that all the players in the industry stand to unevenly gain under GST, depending on the rationale applied in arriving at the rates of taxation on each ingredient. This is particularly important to analyze as the cost of land is very low
Rationale of introducing GST
Goods & Services Tax [GST] has been positioned to replace the complicated web of central and state taxes and offer a much needed relief to all the players in the eventual analysis. Needless to say, the real estate sector also stands to benefit from the roll out of the GST with the passage of the GST Bill in both the houses of the Parliament after much deliberation, oppositions, bargaining.
It may be a very good possibility that the buyer of dwelling units and commercial property will have to shell out less under the umbrage of the new GST regime. At least that is what seems to be the emerging opinion of tax professionals and chartered accountants.
In real estate transactions there are three separate typologies of tax ingredients. The first one relates to cost of land. The second pertains to the cost of materials and commodities that go into the process of construction of properties. The third element concerns the service charges constituting the overall cost of property.
GST in perspective for Real Estate
Till date, the State and Central Governments had been levying a plethora of taxes under different categories elements attracting such levies. But whether the migration to the new GST dispensation will bring about the much needed simplification and ease of compliance will be able to bring about a reduction in the overall outgo for the eventual buyer of dwelling units and commercial properties is not yet fully clear.
Implication
From the above perspective, it is apparent that all the players in the industry stand to unevenly gain under GST, depending on the rationale applied in arriving at the rates of taxation on each ingredient. This is particularly important to analyze as the cost of land if u want interest to buy a plots for sale in sarjapura