Realty, hospitality firms upbeat on GST Diwali bonanza and tax relief

Real estate and hospitality companies hope that GST reforms, including lower taxes and simplified compliance, will boost demand, support tourism, and aid in the growth of the economy

Real estate and hospitality companies are upbeat on Prime Minister Narendra Modi’s ‘Diwali gift’ of goods and services (GST) reforms and lower taxes on essential goods.  Hospitality players are hopeful the lower tax rates will add to the tailwinds the sector is already witnessing, besides improving tourism. Real estate industry executives believe that a two-slab rate structure to simplify compliance and in turn lower costs for consumers would help push sluggish demand in the housing sector. 

 

“Lower taxes on rooms and dining could make the industry more competitive and help retain domestic tourists who opt for lower cost neighbouring countries,”