Delhi’s deputy chief minister and minister of finance, Manish Sisodia, on February 9, 2017, said that keeping land and real estate outside the purview of the Goods and Services Tax (GST) and a higher taxation slab for consumer durables, would kill its basic purpose.
Addressing the ‘National GST Conclave: One Nation One Tax-Pivotal Tax Reforms’, organised by the PHD Chamber of Commerce and Industry, Sisodia said dual control of GST also defeated its intended objectives and sought more intense consultations on the issue in future GST Council meetings, arguing that the objective of the GST should be consumer and trader-oriented and it should not entirely aim at raising taxation with higher rates.
See also: Credai expects GST rate to be neutral for housing sector
Somehow, there couldn’t be an absolute consensus on the inclusion of land and real estate within the ambit of GST, at number of GST Council meetings of all the states finance ministers, he lamented. “Consumer durables such as televisions, mobiles, electric appliances and a host of similar such articles, should not be taxed luxuriously. That is our view and we will continue to articulate them whenever necessary, although the GST tax rates have yet to be finalised,” he said.
Najib Shah, chairman of the Central Board of Excise and Customs (CBEC), asked the industry not to keep seeking exemptions under the GST regime, as most of these exemptions would go away, after it is put in place. Shah also clarified that the anti-profiteering clause in the GST law is there as an enabler and the industry should not read too much on it, promising that post GST, a host of indirect taxes would be subsumed in it, making the new law user friendly, a PHD Chamber statement said.
Press Trust of India (PTI), headquartered in New Delhi, is India’s largest news agency. It was registered in 1947 and started operations in 1949. PTI has more than 400 journalists and 500 stringers, who generate more than 2,000 stories and 200 photographs every day. Subscribers to PTI’s feed include the mainstream media, research groups, specialised presses, companies, government organisations and NGOs.
Facebook: https://www.facebook.com/PressTrustofIndia
Twitter: https://twitter.com/PTI_News
Email: [email protected]
Related Posts
Implications of the GST Bill on real estate.
Top questions asked about GST on real estate.
Total PE into Indian real estate in 2016 vastly exceeds 2015 inflows.
Ready properties to see more demand in the short term: Colliers International.
How will GST impact the various segments of Indian real estate?.
I-T slaps Benami assets law against Lalu Prasad Yadav and family.
