How Real Estate Will Benefit From GST
12 Jun 2017
The recent introduction of the Goods and Services Tax (GST) is being looked upon as a major economic reform in India. As a result of the GST, the country will witness better administration, simplified paperwork and heavily reduced taxation. This reform will not only serve the national interest, but it will significantly ease the tax burden upon the common citizen.
Let's take a look at some of the ways in which real estate will benefit from the GST:
1. Purchasing property will be easier and simpler: One of the direct benefits of the GST is that property purchase will now become easier and simpler than ever before. The complicated paperwork that typically goes into property purchase will now be reduced to a minimum and will be fairly easy to understand.
2. Property tax will be significantly simplified and reduced: The highly complicated and confusing taxation that surrounded property purchase until now had been a major hindrance for aspirant homeowners. However, with the enforcement of the GST, the process of owning your own home will become completely transparent and significantly simpler.
3. Housing will become more affordable: With the consolidation of the various taxes levied on property purchase, it is expected that housing will become more affordable with the implementation of the GST.
4. Land deals will become more reliable: A reduced and simplified taxation system demands that landowners and real estate developers be more transparent, which means that land deals can be transacted with greater trust and ease.
5. Real estate projects will be completed on time: Very often, the delay in completion of real estate projects is not on account of the builder. The reams of paperwork are often responsible for the delay. With stricter and easier processes in place, real estate projects are now much more likely to be completed on time.
There has never been a better time than now to own a home in India. At Ganga Ishanya, you can find the perfect home that fulfills your dreams and matches your budget.