Real estate under GST: A great weapon in the war against black money

GST leaves a digital trail of transactions that serves as a deterrent for non-reporting or under-reporting the sale value of land or building

According to a report on the real estate sector by India Brand Equity Foundation (IBEF), a trust established by the Department of Commerce under the Ministry of Commerce and Industry, the Indian real estate market is expected to touch $180 billion by 2020. The housing sector alone contributes 5-6 per cent to the country's Gross Domestic Product (GDP). Real estate's share in India’s GDP is estimated to increase to about 13 per cent by 2028. The sector is a major source of employment, especially for those belonging to the weaker sections of our society. But it is showing sub-optimal growth