GST Council's plan for real estate sector may not find many takers

Sector seeks expansion of price band of affordable housing, lower tax on cement, pins hopes on post-poll reforms

The Goods and Services Tax (GST) Council’s decision to give developers the power to choose between the old and new tax rates might not find many takers, industry experts have said. According to many developers, the demands they had from the GST Council have not been approved. 

Many claim that by giving this option, the government has side-stepped from its responsibility and the move would make the whole tax process cumbersome and chaotic. “The realty sector is already loaded with multiple legislations restrictions. Regulations in the GST under the garb of tax reduction would push the sector further into an