The Good and Service Tax (GST) Council Meeting was held yesterday in New Delhi in which the rates on 53 categories of service and 29 was slashed. However, the inclusion of the real estate sector under GST is on hold and the final decision will be taken in the next GST Council meeting.
The industry and the people related to real estate are in favour of GST in real estate and have demanded to include it under GST. Out of all the other states in India, Jammu & Kashmir and Delhi were most eager to put GST in real estate.
While addressing a media briefing yesterday, Congress Leader and Punjab Finance Minister, Manpreet Singh Badal has also demanded that not just real estate sector but petroleum products should also be brought under GST ambit.
In a meeting held in the month of November between real estate developers and officials of Finance Ministry over GST, the builders had demanded to impose GST on the properties held by private developers. It was in that meeting that it was decided that the real estate sector will be brought under GST.
This meeting was attended by some of the most renowned names in the real estate sector, such as vice-chairman and Niranjan Hiranandani, Pravin Garg and NAREDCO Chairman, Rajiv Talwar were among others, who attended this meeting.
Also Read: Implementation of GST in the Real Estate