Article Abstract
International Journal of Advance Research in Multidisciplinary, 2024;2(4):195-199
Impact of GST (Related to Real Estate & Construction Sectors) on GDP of India
Author : Jyoti Joon and Dr. Praveen Mittal
Abstract
Property is the right to own and utilize something. Real property, to use a legal term, is the right to own and utilize land for a period of time that could be as long as a lifetime or more. According to the law, all other property is personal property. A reasonable initial step in developing research is problem definition and design. Investigations only start when something is unsatisfactory, when conventional beliefs are inadequate or questioned when facts are required to clarify an unidentified human ambiguity, and when it is possible to make negative assumptions. A issue is all that someone has when an investigation first begins. The construction sector currently makes up to 11% of the country's total GDP, with the expectation that it will contribute 13% of the country's total GDP by 2025. This enormous number compels researchers to look into the effects of GST in this area. The industrial sector contributes roughly 29% of the nation's total GDP. The largest industry in India is real estate, and this is not unusual. One of the crucial economic sectors in India is real estate. This industry contributes between 6 and 8% of India's GDP. With the introduction of the GST, this industry will undoubtedly experience some major changes in the nation. GST has a highly favourable effect on the real estate market. While other sectors of the real estate market remain stable, certain competitive segments, including rental markets, might experience swings quite easily. The properties will now be taxed at 5% instead of the previous 12% rates under the former regime. According to experts, the consolidation of taxes into a single item has contributed to the industry's expansion and accelerated growth.
Keywords
Indirect Taxes, Real Estate, GDP Regime, Real Estate, Transactions-Taxability, Property, Construction Sectors