Realtors Speak Out on One Year of GST

India's business landscape witnessed a complete makeover with the introduction of 'One Nation One Tax' a year back. The rollout of GST was also accompanied by frequent changes in rules, which have left a significant impact on each sector. Major realtors reacted on GST and its one year journey:

Gaurav Gupta, General Secretary CREDAI – Ghaziabad & Director, SG Estates
GST has not only lent clarity in real estate but also brought in uniformity. Developers used to shell out a lot on direct and indirect taxes which at the end were passed on to the home buyers. Now with GST in place and Input Tax Credit being availed at each juncture, the burden has certainly eased a lot on the buyers. In a nation so vast and a sector so complex, GST is still relatively new but with time, GST will become mainstream.

Manoj Gaur, Vice President CREDAI-National & MD, Gaurs Group
Post GST, simple and transparent tax started becoming applicable on the purchase of properties which turned out to be the biggest advantage for property buyers. Although, there has been not much difference on the prices post GST but it has definitely eased out the confusion which earlier prevailed for the homebuyers because of the multiple taxation systems. The next step would be to include stamp duty and registration under this umbrella as it will further help the cause of this sector.

Deepak Kapoor, President, CREDAI Western UP & Director, Gulshan Homz
With GST, business houses were free to procure from any part of the country without thinking of the state borders and the variable taxes in each of them. This has helped greatly in easing the transportation of construction material. Not only has it made easier for home buyers to understand the taxation system on their properties but has also marginally brought down prices with the option of Input Tax Credit.