INSUBCONTINENT EXCLUSIVE:
government is considering giving relief to the real estate sector and the next GST Council meeting could take some steps to address their
issues even as he asked the banks to meet the realty sector on stalled projects in two weeks.At the industry body CREDAI event, he also
advised the realty sector to sell off inventory even in the current pricing about which the realtors complain as being low
Mr Goyal has been asking banks to step up lending to the housing sectors.The finance minister asked the state-run banks to meet realty
sector on stalled projects in two weeks and asked the realtors not to over-leverage the loans and drive away the banks from lending them
sector, Mr Goyal said "The Prime Minister guided us that we must relook at the GST structure
We have been having extensive discussions and last time probably we would have been able to finalise it but for some different view points
decided on the final consensus, I am confident, you will support that and very soon the GST Council meeting has been called for and I am
sure the solutions will come out and you all can benefit out of that
this is in your interest also
You will be spared of queries from officials over small issues like if you have passed on the input tax credit to the consumers or not,
being pushed to the anti-profiteering tribunal
Though the Finance Minister did not reveal the relief that is coming from GST, the government is in the process of handing out a big bonanza
to property developers and buyers by reducing GST on under-construction houses, from 12 per cent to 5 per cent
Under-construction houses currently attract 12 per cent GST and 6 per cent stamp duty and registrationMr Goyal had earlier held a meeting
with CREDAI, the umbrella body of developers, whereby he had promised that in the upcoming GST council meeting, tax on under-construction
houses and affordable housing would be reduced significantly
people are staying away from investing in property due to heavy taxes
A builder said at 12 per cent GST, if the cost of a house is Rs 1 crore, buyers have to pay Rs 12 lakh as tax plus 6 per cent stamp duty and
registration, which means the customer ends up paying Rs 1.20 crore which is a huge amount
It also meant under-construction real estate market was facing troubled times
