J&K will be the first state to bring Real Estate Sector under GST!
Before GST council meeting in Srinagar, J&K state finance minister Haseeb Durbu told "we will be the first state to bring Real Estate Sector in the realm of GST!"
GST will be implemented in other states of the country as well as in Jammu and Kashmir, but in one case J&K will go beyond the rest of the states. Jammu and Kashmir may be the first state, which will bring real estate sector under GST, confirmed state finance minister Haseeb Drabu.
Drubu said that in order to implement GST in the state, he will present the necessary legislation in the House so that the benefits can be derived from the law. After implementing GST to Jammu and Kashmir, additional revenues of up to Rs 2,000 crore will be achieved. Apart from this, its tax base will increase by 15 percent. At present, the revenue of Rs 11,000 crore is made by the state government for collection of indirect tax.
GST Council has decided to merge several types of taxes including Central Excise Tax, State VAT, Service Tax and Central Sales Tax. But the excise department, petroleum and real estate sector, which is called the source of income for the state government, is excluded from this scope. Before GST council meeting in Srinagar, Durbu told “we will be the first state to bring Real Estate Sector in the realm of GST.”