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Why real estate should NEVER be under GST


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Vittaldas Gopalakrishna Bhambore
property under GST
by Vittaldas Gopalakrishna Bhambore on Dec 17, 2017 07:17 PM

Why black money is generated? Mainly High taxation rates namely capital gain tax at 20% Is it justified. Secondly the Registration charges. which is as high as 7% of the guidance value. Added to this miscellaneous expenses that is in a naked language bribe or balck money generation mode by the middlemen Registrar. If this is set right by reducing the capital gain to the lowest say 2% of the market value or guidance value since the property value shot up during 2002 2016 by many folds say a plot at Rs. 500/- per sft is sold at Rs. 3500/- and at 7000 to 10000/sft during 2015-16. So why this increase in the land value and why to pay 20% on 10000/- after reducing the cost of initial acquisition cost of Rs. 500/- Monitor the Registrars office all over India and ensure that the Registration is done without bribe. It is possible by introducing on line Registration with suitable app and controls and checks instead of tax tax tax to the poor and common man who is strugling to meet both ends. Buying a house is a dream when the land price is around Rs. 5000to 10000/ sft.
Talk of flats it is from 50 lakh to 1.5 crore. Who can buy . will the bank finance? can the buyer service the Loan EMIs.

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V Nagarajan
GST?
by V Nagarajan on Dec 16, 2017 11:12 AM

Even Khad & Village Industries are under 12% GST.
There must be no tax on this. Further they are charging 18% GST for 3rd party car insurance.This must go?

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Sunil Dodeja
Skewed Opinion from a learned person
by Sunil Dodeja on Dec 16, 2017 07:03 AM

Sir,
You more than anyone else should br aware that there are contradictions in the article.You mote than anyone else, in your eminent position, should highlight the simplicity of the GST process, of the mitigation of tax procedures under GST.
Whether we like it or not, valuewise Construction is the biggest Industry. It also manufactures a product - a house a home, its not being movable is a mere technicality. Providing for input credit will bring in radical upgrade abd standardisation of houses and homes.
Another misleading argument wrongly made is the taxation of income from immovable property - the central government is already collecting service tax from property rentals.
Therefore the title - skewed - some powers that are - do not want a sensible and progressive decision implemented for personal reasons.

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padmanabhan Raghavachari
the taxes
by padmanabhan Raghavachari on Dec 15, 2017 08:37 PM

If every Indian has to pay the tax, the taxes whether
commercial, sales, income should be reduced to minimum; say for example 5% to all irrespective of
their annual income.

If this is implemented all of them including those
who dodge paying taxes will pay their taxes since
it will be less of burden.

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joseph
Immovable property and GST
by joseph on Dec 15, 2017 03:21 PM  | Hide replies

If a flat, which is immovable, constructed on a piece of land can be under GST, why not the land on which the building stand If GST is to have a unified tax, why not Stamp duty and registration charges cannot be uniform across the country. Since the States are having its own geographical boundaries and the size is differing, there is no question of infringing the rights of the States. Real estate is the single most head of the original of black money in the country particularly during the last one decade. Although PAN, Adhaar are introduced and now beneami property act is also in force, still the government is nowhere near 10% to find out as to who is holding how much land parcel whether it is individual,HUFs,Trusts,or Companies and organizations. What cold be noticed that the protagonists against the GST are the ones ho does not ant transparency. Those who wants to hide his money or wealth are the ones who does not want transparency. It is clearly understood that those who were paying tax had no problem to pay through GST or through any means, while those do does not want to pay tax is simply crying only to discourage. Transparency will put crores of people in India into trouble. The rich and poor divide according to recent report has widened in the country particularly after the 80s with the liberalization of the economy. That means those capable of maneuvering within the government set up amazed wealth,poor people remained where they were.

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p c g
Re: Immovable property and GST
by p c g on Dec 17, 2017 12:47 PM
IN KERALA , CORPORATION AREAS, BUILDING TAX IS COLLECTED , BASED ON THE ESTIMATED CONSTRUCTION VALUE OF THE BUILDING, WHETHER RESIDENTIAL OR COMMERCIAL.

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arungopal agarwal
Real State
by arungopal agarwal on Dec 15, 2017 12:07 PM

Govt. loots hefty amount at the time of registration, as such GST is non democratic and further loot or give credit at the time of registration.

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paul theo
ALL JUMLA
by paul theo on Dec 15, 2017 10:15 AM

WHEN PETROL AND LIQUOR ARE NOT UNDER GST. WHY REAL SETATE IS UNDER GST? MAY BE WHEN AMBANI ENTERS THE CONSTRUCTION INDUSTRY, THEY WILL REMOVE GST

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