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To solve the major problems of the real estate sector, the industry should push for bringing the entire sector under Goods and Services Tax (GST) at the earliest, said a senior official.
“The Government is very sensitive to this sector and doing the best it can,” said Manish Kumar Sinha, Joint Secretary, Department of Revenue and Secretary, Group of Ministers, Real Estate under GST regime.
He added the government is aware that real estate is one of the key sectors, provides jobs and contributes directly and indirectly around 8-10 per cent to the GDP.
Addressing an event organised by FICCI, Sinha said after GST, tax rates have come down to 12 per cent, from 20 per cent earlier.
Sanjay Dutt, Chairman, FICCI Real Estate Committee, said, “The demand in the office sector is growing strongly, but demand in the residential space has not seen that kind of growth. In order to bring back the demand, he suggested that developers should construct, design and build houses keeping in mind the end-user”.
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