Goods and Services Tax – GST – Dated:- 12-10-2017 – Washington, Oct 12 (PTI) The issue of bringing real estate under the GST's ambit will be discussed next month, Finance Minister Arun Jaitley said today, as he acknowledged that it is the one sector where maximum amount of tax evasion and cash generation takes place. The matter will be discussed in the next meeting of the GST Council to be held on November 9 in Guwahati, Jaitley said while delivering the 'Annual Mahindra Lecture' on India's tax reforms at the prestigious 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 i
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ising people to enter the tax net may also help reduce the size of shadow economy . A 12 per cent GST is levied on construction of a complex, building, civil structure or intended for sale to a buyer, wholly or partly. However, land and other immovable property have been exempted from the GST. On demonetisation, Jaitley said it was a fundamental reform which was necessary to transform India into a more tax-compliant society. If you see the long-term impact of it, demonetisation brought in more digitised transactions; it brought the issue to the centerstage. It expanded the individual tax base. It compressed the cash currency by three per cent which was operating in the market. Those objectives are for the long-term. No doubt there are short
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fiscate somebody's currency . Obviously if somebody has currency and deposits in the bank, it does not become lawful holding. They still have to account for it. Therefore, the anonymity which was attached to a cash currency came to an end and that holding got identified. The government was able to trace out about 1.8 million people whose deposits are disproportionate to their normal incomes. And they are all answerable to the law and pay their taxes, he said. Jaitley is on a week-long stay in the US, during which he will participate in annual meetings of the IMF and the World Bank. The Indian real estate market is expected to touch USD 180 billion by 2020. The housing sector alone contributes 5-6 per cent to the country's Gross Dome
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