Union Minister M Venkaiah Naidu opined GST rollout is going to be a boon for home buyers. 'GST & Real Estate (Regulation & Development) Act (RERA) is beneficial for Home Buyers. Zero scope for evading anything in GST. Even Input Credit will be offered. Being the Housing & Urban Development Minister, I am the happiest man with the implementation of GST as prices of houses come down,' he said.
In reply to the criticism over under preparedness, Naidu said only habitual tax evaders have been opposing GST. 'Larger builders were happy with GST rollout,' he adds.
In May this year, GST Council proposed 12 percent GST on complexes & buildings which are meant for sale. Even the value of land should be included in the amount on which tax is calculated. Yesterday, Centre shifted the construction sector from 12 percent to 18 percent GST slot. However, Tax on land value has been exempted.
In reply to the criticism over under preparedness, Naidu said only habitual tax evaders have been opposing GST. 'Larger builders were happy with GST rollout,' he adds.
In May this year, GST Council proposed 12 percent GST on complexes & buildings which are meant for sale. Even the value of land should be included in the amount on which tax is calculated. Yesterday, Centre shifted the construction sector from 12 percent to 18 percent GST slot. However, Tax on land value has been exempted.