How India's Real Estate Can Benefit From GST
the implementation of the Goods and Services Tax (GST) imminent in
India, real estate is being positioned as one of the biggest benefits
of the initiative. The GST will allow citizens to witness simplified
paperwork, efficient administration and significantly reduced
taxation, all of which have direct benefits for real estate.
are some of the ways in which real estate is likely to benefit from
purchase will become simpler and easier: Buying a home had until now been synonymous with reams of
complicated paperwork. The paperwork was enough to baffle even the
best of us. However, the GST will ensure that the paperwork related
to purchase, registration and taxation is reduced to a minimum and
is fairly easy to understand.
tax will be simplified: The consolidation of multiple taxes under the GST will have a direct
positive effect upon property tax. Instead of paying many kinds of
tax upon buying property, you will now be paying fewer and more
will be completed on time: With more transparent, efficient and simplified processes in place,
the very common delays in the completion of real estate projects are
likely to reduce. Projects are expected to be completed and be up
for possession as per the schedule.
deals can be transacted reliably: Another major advantage of the GST in the case of real estate is
that land deals will be transacted with great trust and ease.
Reduced and simplified paperwork will require the parties to be more
transparent and answerable, making these transactions much more
reliable than before.
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