Wednesday, 8 February 2017

Credai expects GST rate to be neutral for housing sector

Ripples Advisory Private Limited, Indore @9303093093

Credai, the apex body of private real estate developers, said that it is expecting a revenue-neutral GST rate without any adverse impact on realty prices, a relief for the sector. "The central government has assured us that the GST rate will be revenue-neutral. So, no impact on consumers. Prices would not increase.

Now, real estate developers pay taxes and duties like VAT, excise and service tax," the organisation's national president Getamber Anand said. "Our biggest concerns were GST and its impact on real estate and the irrational rates of stamp duty in different states. GST is treating real estate as service and stamp duty considers this sector as fixed asset," he said.

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