BJP, Jaitely Are Taking This Country Into A Pothole: Congress On Bringing Real Estate Under GST

News World India | 0
| October 13 , 2017 , 07:54 IST

Union Finance Minister Arun Jaitley, currently in the US to attend an annual meeting of the International Monetary Fund and the World Bank, hinted that real estate may soon be brought under the Goods and Services Tax (GST) ambit, a move which the Congress has termed a disaster.  

"BJP and Arun Jaitley have decided to take this country in a pothole. There is already chaos in the real estate market, so bringing real estate under GST ambit will be a disaster," Congress leader Raju Waghmare said.

Delivering the 'Annual Mahindra Lecture' on India's tax reforms at the famous Harvard University, Jaitley said that the decision to include real estate under GST will be taken at the next GST Council meet which is scheduled for November 9.

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"The one sector in India where maximum amount of tax evasion and cash generation takes place and which is still outside the GST is real estate. Some of the states have been pressing for it. I personally believe that there is a strong case to bring real estate into the GST," Jaitley said at Harvard.

Currently, petroleum products, alcohol and real estate have been kept out of the GST radar which was introduced in the nation from July 1 this year.

Another Congress leader, Tom Vadakkan said that before making the decision of including real estate under GST, the government should take the Opposition and the stakeholders into confidence.

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"We do hope they have discussed this with the stakeholders and it does not create a situation where have had problem with GST in other state. If discussion is held and stakeholder and Opposition are taken into confidence then that it will be very useful," Vadakkan said.

Finance Minister Arun Jaitley, Prime Minister Narendra Modi and the ruling NDA government have come under fire for demonetisation and GST implementation which resulted in a slowdown of the economy.