Yesterday, on April 22, Monday, the State Goods and Services Tax (GST) Bill had been passed unanimously by the Maharashtra state assembly. The bill was decided on the last day of a special session of the Vidhan Sabha of Maharashtra. CM Devendra Fadavnvis thanked everyone after the bill got passed by the lower house of the state legislature.
All present political party members unanimously supported the GST feat. During the three-day special session the legislature discussed and bore out the GST Bill and flagstone country’s GST roll-out started on last Saturday. Altogether there are 3 bills on GST that had been passed by the state assembly which includes the State Goods and Services Tax Bill, associated to the compensation to local authorities and a bill on the accessible laws to be revoked when the GST is projected to come into action July 1, onwards.
The state finance minister Sudhir Mungantiwar confirmed that the central GST norms haven’t didn’t dam up the financial prerogative of state infrastructure. He said, "The government has accepted the responsibility of compensation to local bodies for five years for the loss of revenue due to abolition of octroi and local body tax due to GST."
GST has already declared its 5 tax slabs in which real estate business comes under the 12% bracket. This means, homebuyers unlikely have to pay any additional charge while investing in their favorite property. The RERA expert of West Bengal Chapter Mr. Mahesh Somani said, “ It’s a good news for the potential property buyers that there will be no addition tax burden levied on them, whereas market speculation indicates property price to take south up to 5 per cent. Thus, people who want to buy property in Kolkata can actually have a great deal on their favorite luxury units.”
Speaking on the GST quintessence Mr. Somani also added, “GST will merge many individually payable taxes into a single one. Stamp duty is the only variable tax from one state to another. Barring stamp duty, value added tax (VAT) and service tax will come under GST purview. It’s expected that GST will generate credit inflow to the realty sector.”
- Somani Realtors News Network