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The announcement of the various taxation rates/ slabs has brought the implementation of the GST (Goods & Services Tax) a step ahead towards reality and becoming a unified tax market. It is undoubtedly the most revolutionary tax-related reform experienced in the country since last many decades and is anticipated to have a deep impact on the country’s economic prospects.
The GST impact shall be very profound and positive for the various sectors of the economy as multiple indirect taxes have been rolled into one and the consumers will have to pay a standard tax rate leaving no room for any sorts of ambiguities and nullifying the scenario of double taxation.
Let’s have a brief look at the GST impact on Corporates:
Bringing good news for crores of Indians, this new tax regime shall lead to one standard tax rate throughout the country. The various taxes being levied at state and central level shall be replaced by one single tax for the convenience of the people. Appearing to be a tax-trigger, the new tax shall lead to business transformation and will reduce the multiplicity of taxes and its cascading effects and will lead to harmonization of state and central tax administrations. The companies need to modify their supply chains on the basis of their inventory carrying cost, assessment of tax saving, and response time taken to meet market demand.
Now when the GST impact on Real estate is known, the people are optimistic as it will give the buyers as well as builders a thousand reasons to cheer. Real estate in India accounts for 5% of country’s GDP and is the second largest employment provider. GST itself will add around 2% to the country’s GDP which shall be a help to the economy and if the economy as a whole is encouraged there shall be an accelerating demand for realty spaces which shall be beneficial for the real estate industry.
The implementation of GST along with RERA will make Indian realty industry a very lucrative investment option ensuring greater clarity and transparency along with ease of operations in all real estate transactions. Its successful implementation will be a complete game changer for the property market in the country as the inclusion of various multiple taxes and creation of a unified taxation structure will attract more FDI’s into this sector. The formation of a unified tax market and seamless all-inclusive channel will also attract the NRI community towards the real estate investment in India.
GST will be beneficial for the buyers as it subsumes several indirect taxes the end-users shall be saved from the hassles of paying various taxes at different stages thus minimizing the scope of double taxation impact.
To sum it up, the GST will be like adding another feather in the government’s cap along the various other drastic reforms and initiatives taken for the growth and development of the country. Buying a property will be more convenient as the benefits will extend to both buyers and developers.
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