GST IN CONSTRUCTION SECTOR
CONSTRUCTION INDUSTRY HAS SEEN A GOOD GROWTH IN RECENT YEARS NOT JUST IN CITIES BUT TOWN ALSO. WITH IMPLEMENTATION OF GST THERE IS GOING TO BE A SIGNIFICANT IMPACT IN THIS SECTOR
- TRANSPARENCY: WITH INCREASING TRANSPARENCY THERE IS GOOD ACCOUNTABILITY AND REDUCTION OF BLACK MONEY TRANSACTION. GST WILL CUT ON DUPLICATE PURCHASE BILLS INCREASING STAKEHOLDERS CONFIDENCE.
- INPUT TAX CREDIT: GST RATE OF 18% IS HIGHER THAN THE OLD TAX .SUPPLY OF WORKERS CONTRACTS ARE FULLY ELIGIBLE FOR ITC.INFRASTRUCTURE SREVICE ARE NOW CHARGEABLE ST THE RATE OF 18%, ITC BENFITS ON PAID SERVICES RAW MATERIAL GOOD PURCHASED IS LIKE NEUTRAL TAX.
- COMPLIANCE: WITH REMOVAL OF MANY INDIRECT TAX , GST WILL PROVIDE QUICKER AND EASIER TRANSFERENCE OF GOODS IN ALL STATES.ONE TAX SYSTEM WILL ENSURE IN EFFICIENT TAXATION SYSTEM.
- DOUBLE TAXATION: MULTIPLE INDIRECT TAXES WHICH WENT OVER 25% WILL NOW BE GONE
- STAMP DUTY AND REGISTRATION: GST WILL NOT SUBMUSE STAMP DUTY ,WITH INPUT TAX SET OFF HAVING NO PROVISION UNDER IT . NO CHANGES IN REGISTRATION / REAL ESTATE TRANCTION HOWEVER . GST WILL REMOVE VAT AND SERVICE TAX, WHICH WAS SUPPOSED TO PAID ON THE SALE OF PROPERTIES UNDER CONSTRUCTION.
- GST IS LOOKING TO BRING MORE TRANSPARENCY TO THE REALESTATE INDUSTRY . ALSO ELIMINATION OF UNNECESSARY PAPERWORK AND WASTAGE TO TIME .