GST Bill passed in Lok Sabha: How will it impact the real estate sector?
With the GST Bill being passed in the Lok Sabha on March 29, 2017, it seems certain that it will meet its July 1, 2017 deadline for implementation. We analyse how the latest version of the Bill will impact the real estate sector With 4 crucial bills on GST being passed in the Lok Sabha on March 29, 2017, it’s now a certainty that the GST would be implemented from July 1, 2017. The GST is being touted as the game changer as it would replace several taxes, cesses and surcharges at one go. The realty market is expecting to benefit from the GST rollout, in a major way. Incidentally, the real estate sector will come under the GST ambit within one year of its roll-out Anshuman Magazine, chairman, India and South East Asia, CBRE explained that “With the passage of India’s biggest tax reform in decades, we will become a unified market, with one tax for all goods and Services. Once implemented, GST will significantly ease the ambiguity around our taxation system, promote ease o...