EXtension of GST to Real Estate Soon

Our Union Finance Minister Arun Jaitley who is on American Tour expressed his governments his government's intention to extend goods and Service tax (GST) to real estate sector as this sector has a dubious speciality of tax evasion. Currently many of the realty transactions are taking place in cash. Some states opposed the inclusion of real estate, Petrol, Diesel, alcohol in GST, whereas some states such as Delhi, Jammu and Kashmir backed the inclusion of these items.

The FM wants a common decision and a special discussion regarding it .

Stamp Duty which varies from state to state will come into uniformity in GST i.e indirect tax method. When the builders get Input tax credit for GST paid on steel, cement, paint, sanitary, electrical fittings, etc, the credit goes up and the buyer will gain.

Telangana GST app on the anvil: Somesh Kumar



Just like businesses struggling with GST, even consumers are also worried of the new tax regime.To solve their problem Telangana Government is readying to launch TGST app. This will bring transparency and empowers citizens. Telangana Commercial & Excise Tax Principal Secretay Somesh Kumar said that with IIT Hyderabad partnership, the app TGST will be launched soon.

By downloading the app and taking the photo of the bill , automatically it will be uploaded to the server, the secretary explained.Then the correctness of levied taxes, dealers enrolment details will be processed by the government and feedback comes.

During a conference, Kumar said that Telangana Collected Rs 2800 crore GST for the first 2 months.This constitutes both the state GST and Integrated GST which is distributed to other states.He expects this will be stabilized in next 2 months. In Telangana 83,000 new taxpayers came into the tax bracket.For July 55 lakh people have filed returns under GSTR-3B, the main return form. Finally, he envisaged betterment of tax collections in future.