Impact of GST On Real Estate Sector
The introduction of GST in India in July 2017 was a significant tax change that merged many different taxes into one. This changed the real estate sector, which is important for the Indian economy, contributing around 5-6% to the country's GDP. The real estate sector in India has four main parts: residential, office, retail, and hospitality. It attracts large investments from both domestic and foreign investors and has connections with over 250 other industries like cement and steel. It also provides jobs for over 50 million people. Before GST, there were many different taxes like excise duty, VAT, service tax, stamp duty, and registration fees imposed by the central and state governments. This created confusion and debates .GST aimed to solve these problems by combining most of these taxes into one, making the system more clear and responsible.