Major Impacts Of GST On Real-Estate That You Must Know
With the GST applicable all over the country as of July 1, the tax system has undergone a major reform. Since it’s a major step, it is going to take a lot of time for the citizens to adapt to the change and get used the new tax system. Nirmal Singh Lotus Green talks about the impacts GST would have on the real estate. The government has been claiming that GST is the change that the country needs for a very long time and it would help cut off the cascading tax effect, create a uniform tax rate and structure and help in reducing the additional tax burden on the consumers. GST is predominantly about ‘One Nation, One Tax’ which means that the tax burden would be equalized and the end consumer will only bear the GST charged by the last dealer in the supply chair unlike the Value- added tax where the end customer would bear the entire tax burden. The anti- profiteering clause under section 171 of GST law clearly states that it is mandatory to pass on the benefit...