FM: COUN­CIL TO DIS­CUSS IF REAL ES­TATE SHOULD BE UN­DER GST

Hindustan Times (Patiala) - - News - let­ters@hin­dus­tan­times.com

Iden­ti­fy­ing real es­tate as the one sec­tor where max­i­mum amount of tax eva­sion takes place, fi­nance min­is­ter Arun Jait­ley on Wed­nes­day said there was a strong case to bring it un­der the am­bit of the goods and ser­vices tax (GST).

The mat­ter will be dis­cussed in the next meet­ing of the GST Coun­cil, which will be held on Novem­ber 9 in Guwa­hati, Jait­ley said, while de­liv­er­ing a lec­ture at Har­vard Univer­sity.

“The one sec­tor in In­dia where max­i­mum amount of tax eva­sion and cash gen­er­a­tion takes place and which is still out­side the GST is real es­tate. Some of the states have been press­ing for it. I per­son­ally be­lieve that there is a strong case to bring real es­tate into the GST,” Jait­ley said, while de­liv­er­ing the ‘An­nual Mahin­dra Lec­ture’ on In­dia’s tax re­forms. “In the next meet­ing it­self, we are ad­dress­ing one of the prob­lem ar­eas or at least (hav­ing) dis­cus­sion (on) it. Some states want, some do not. There are two views. There­fore, by dis­cus­sion, we would try to reach one view,” he said.

The fi­nance min­is­ter said the move would ben­e­fit the con­sumers who will only have to pay one “fi­nal tax” on the whole prod­uct. “As a re­sult, the fi­nal tax paid on the whole prod­uct in the GST would al­most be neg­li­gi­ble,” he said.

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