Manish Sisodia reiterates demand to bring Real Estate under GST
Manish Sisodia, the Deputy Chief Minister of Delhi has come in support of the rising demand to bring real estate under the gamut of Goods and Service Tax (GST). In a letter written to the Union Finance Minister – Arun Jaitley, Sisodia reiterates demand to bring Real Estate under GST, and that the matter be given a considering during the next GST Council meeting. He supported his stand on bringing about the important taxation reform by pointing out that the exorbitant and inflated land prices would come under control and the flow of black money in the real estate sector can be effectively countered. “My view is that if GST is implemented in all steps involved in development of real estate, then every recorded transaction will lead to tax input credit and exorbitant hike in land prices will be checked, entire chain will remain intact and flow of black money in real estate could be curbed,” said Sisodia in the letter.
Sisodia who holds the finance portfolio in the Delhi State Government, expressed that a great deal of political willpower will be required to bring about this reform. The next round of GST Council meeting is expected to take place on 9th November in Guwahati.