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EditorialLand and real estate under GST?

Land and real estate under GST?


Land and real estate under GST?

The debate on demonetization has made a serpentine curve on the socio-economic milieu graph and it has created an atmosphere of speculations on what next. It was generally expected of the union government that the step of demonetization cannot be in isolation and it had to be supplemented by subsequently bold steps of Benami transactions and regulations over gold to be fruitful. It is strongly felt by experts that the land and real estate be brought within the ambit of GST and its taxation slab be kept at lower ceilings for vast majority of consumer durables to make it mass-friendly taxation.

GST, otherwise a great tax reform, kills its own spirit if real estate is kept out of GST tax net. Thought the issue was discussed at some level but somehow there couldn't be an absolute consensus on the issue at a number of GST Council Meetings of all the states' Finance Ministers.

GST structure is unfortunately to become friendly to tax collection machinery than to the trader. Objective of the GST should be consumer and trader oriented synchronization and it should not entirely aim at raising taxation with higher rates.

Consumer durables such as TV, mobile phones, electric appliances and host of similar such articles should not be taxed luxuriously.

If the issues in the forthcoming GST Council meetings do not cover the land and real estate under purview of GST and higher taxation slab for consumer durables would kill its basic purpose.

The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.


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