'Evolved input tax mechanism under GST need of hour'

'Evolved input tax mechanism under GST need of hour'

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By Ashwin Chadha

Real estate contributes 8% to the national GDP. Acts such as RERA, fund infusion of 25000 cr towards stalled projects, and many other schemes by the government have helped the industry so far. However, there is much that needs addressing to raise  the contribution to double-digits in the GDP. We are optimistic that the new budget will help the real estate sector grow and cure the dichotomies faced last year. What the sector needs today are prompt solutions for all stakeholders involved in the market. The need of the hour is an evolved input tax mechanism under GST, reduction in surcharge on income-tax on the high-income group and ease of transmission of monetary policy. Formative steps also need to be taken to give real estate an industry status, and single-window clearance for projects. So on an overall level, we hope to see stronger actions by the Govt. in driving positive sentiment and boosting the real estate industry.

(The writer is the President, India Sotheby’s International Realty)