THE POSITIVE IMPACT OF GST ON INDIAN REAL ESTATE
Something incredible happened in India on 1st July 2017, which positively impacted various businesses operating in India, especially the real estate business!
So, do you know what special happened in India on 1st July 2017?
Yes, you guessed it right!
Goods and Services Tax or GST, a national indirect tax, was implemented in India on this day.
Before GST was introduced in India, the tax system seemed very complicated due to the multi-level tax system, which included service tax, VAT, excise duty, etc. This made things difficult for all businesses in India, especially the real estate sector. But on 1st July 2017, everything changed for the better! With GST, one tax replacing multiple taxes, things became easier, benefiting all businesses, especially the real estate business.
Did you always want to buy a home in Navi Mumbai but got discouraged due to the multiple tax system and the various complications arising due to it?
Then GST is a boon for you! You no longer need to postpone your dream of buying a home in Navi Mumbai, thanks to the introduction of GST in India, which has made the tax system easier!
Also, do you have any plans to buy property in Navi Mumbai soon?
Then you do not need to worry about anything! With the implementation of GST in India, now you can have a smooth buying journey and reach your dream home without any difficulties! Also, the best real estate agent in Kharghar, Navi Mumbai, is there with you to help you make your home buying journey the smoothest one! We are the key to your dream home in Navi Mumbai!
Keep reading this article to know the various positive impacts of GST on the Indian real estate business.
What are the positive impacts of GST on the Indian real estate sector?
The famous real estate consultant in Navi Mumbai has mentioned some of the benefits of GST on the Indian real estate sector, which is as follows-
- Easier tax structure: One of the significant benefits of GST is that it has simplified the tax structure by replacing the following taxes-
- Service tax
- Central Excise Duty
- Central Sales Tax
- Purchase Tax
- Luxury tax
- Entry tax, among others
So, instead of having multiple taxes, we have one tax called GST!
- Promotes transparency: GST has led developers to procure inputs from registered suppliers, which has led to greater transparency in the real estate sector.
- Decreased taxes on inputs: Due to the implementation of GST in India, a uniform tax is levied on inputs and raw materials like bricks, iron rods, cement, etc., which is much less than the indirect taxes levied previously before the introduction of the GST system in India.
- Simpler processes: As discussed earlier in the article, the home buying journey has become much simpler and smoother with the implementation of GST. Now you can reach your dream home easily without facing many obstacles in the journey to your dream home. So, if you were postponing purchasing a home in Navi Mumbai due to the complications of the multiple tax structure, now you don't need to delay anymore! Now is the time to turn your dream home into reality!
- Increase in foreign investment: GST has made the tax system transparent and simpler. The increased transparency and simplification of tax structure have encouraged more foreign investors to invest in India. They no longer need to bear the difficulties and confusion arising due to multiple taxes. Also, GST has improved the quality standards in India as real estate developers work towards matching the international quality standards after the introduction of GST in India.
- Working with RERA: RERA and GST together have brought greater transparency in the real estate business of India.
GST is a blessing for all businesses operating in India, especially the real estate business. GST has made the journey to your dream home simpler.
So, what are you waiting for?
It is now time to begin the journey and walk on the path to your dream home. This is the right time to buy your dream property in Navi Mumbai! You now no longer need to worry about the multiple tax structure! Thanks to GST, you can now have an easier home buying journey and reach your dream home easily without any difficulties or obstacles on your way! Yes, GST has made it easier to fulfill your dream of buying a home in Mumbai and Navi Mumbai. The dream of having a home in Mumbai is no longer a far cry and can be easily turned into reality due to the presence of GST in India.
So, all the best for your home buying journey!
In case you face any difficulties in your home buying journey, First Brick Realty, a renowned property dealer in Badlapur, is there for you!
We can help you have a beautiful and smooth home buying journey by guiding you throughout the journey and making you reach your dream home easily!
We help you turn your dream home into reality!