A financing agent presented the bill and he referred to it as the 'single foremost tax reform after 1947'. A closer look of the Amendment Bill divulges that it not only seeks to empower the Centre and State with the concurrent taxing territory over 'operation of supply of goods or services or both' but it also gives a prima facie large framework regarding what the state goods and services tax would be in terms of its insurance protection, its operating system, implementation and conflict resolution.
Building transactions would deserve an assessment of the structure and rates of stamp customs and registration fees. Several imposts would be eliminated and thus lowering the extra monies siphoned on ground. The states could be given an adaptability to levy stamp duties at a too much lowered fee. Currently this sector is greatly taxed and thus the problem of taxes would come down with concerns to the input tax on real estate activities like procurement of goods and services for tasks like renovation of apartment building.
Supposing that implemented, tons of civilians will breathe freely as they would be saving some substantial money. Not simply that but also the openness will certainly enable them to in determining the bureaucratic methods which decrease work and add hurdles. These could then be dealt with immediately or lawfully. More so, several methods will at some point speed up to profit the common man who invests his/her lifetime earning in buying a residential property.
Moving forward, goods and services tax is a valuable regime which if offered an all natural approach would bring in bunches of transparency in the sector. Implementation of GST would be the first step towards the vision of real estate for all by 2022.