The Real estate sector is the second largest employing field in the country. It accounts for about five per cent of the gross domestic product and hence is considered an integral sector in the economy. The recently approved reform of bringing all taxes under a single Goods and Services Tax (GST) is a much talked about topic these days. The impact that this tax would have on many sectors of the economy is being analyzed. The impact on the real estate sector is no less speculated than that on other sectors. To have a basic idea of how the impact may be, you need to have some insights on a few details.
The Tax You Need To Pay Count Substantially
Making investments in real estate such as buying flats in Mulund involves considerations of tax pays. How much tax you would pay is important as it will add considerably to your total expense. So it will have to be considered while you are making a budget for your purchase. Here are some insights from experts in relevant fields that would make your task easier.
An In-General Positive Impact
Thus these are some very notable insights into the effect that the GST regime would have on the real estate. In general, the GDP of the entire country would increase by about two per cent. This will in all probabilities benefit the real estate sector too. So ultimately, in spite of the slight increase in taxes, the GST will benefit this sector substantially.