The real estate industry in Goa is eagerly awaiting the Goods and Service Tax (GST) as it is going through a severe crisis due to the economic slump in the state. Realtors are optimistic that the GST rate will moderate tax structure. The present multiple taxes will be unified with the introduction of GST. This will also help in improving transparency and could possibly raise compliance in this sector.
President of CREDAI, Desh Prabhudessai said, “home buyers in general can benefit from the introduction to GST if the tax rates are moderate. The real estate industry is considered a growth engine of the economy. It is one of the fastest growing sectors of the economy and plays a vital role in the overall growth and development.”
However, the rise in Goods and Service Tax (GST) could put a damper in this sector thus making it costly for buyers. Realtors have their fingers crossed and are hopeful that the GST rate will encourage growth in the real estate sector.