Goods and Services Tax – GST – Dated:- 15-12-2016 – New Delhi, Dec 15 (PTI) As the Narendra Modi government wages its biggest war on black money yet, Chief Economic Advisor Arvind Subramanian on Thursday pitched for including land and real estate under the GST regime to check money laundering and corruption. Subramanian, who for the finance ministry had authored a report on possible tax rates under the Goods and Services Tax (GST), suggested that the new indirect tax set-up should be clean with simple low rates and should include land and property as well as electricity. GST, which the government intends to roll out from April 1, 2017, is to subsume central excise, service tax and state VAT among other indirect levies on manufactured goods
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cing of black money. So, it is terribly important that land and real estate being part of the GST, he added. Subramanian said there is need to bring electricity charges that are not done by the states under GST. I think they should be part of GST and then the input credit can flow and make power more competitive. So, in terms of GST, clean, simple low rates, land, property part of it, power part of it also, will actually be not just important in itself but as a complement to bigger fight against black money and corruption that we embark on, he said. Subramanian had recommended a three-tier rate structure for GST, under which some essential goods were to be taxed at a lower rate of 12 per cent and so-called demerit goods such as luxury cars,
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