Republic of India has here and now implemented the new GST of tax reform from 1st July 2017. Due to its compliance requirements, it has the light of most taxpayers and dealers. But how does this affect property taxes in the real estate sector (RES)? This ensures different views from industry experts. RES is one of the most important sectors of the Indian economy. It is the second largest employer in the economy after agriculture, accounting for an average of 5-6% of GDP. The Government of India has been a supporter of RES. In August 2015, the Union Cabinet approved 100 Smart City projects in India. The foreign direct investment (FDI) limit for government settlements and settlement development projects has also been raised to 100%. Residential property projects within the Special Economic Zone (SEZ) are also allowed 100% FDI. The government expects India’s “Housing for All” plan to bring in 1.3 trillion in investment in the housing sector by 2025. Rs 31,500 crore (US 4. 4.87 billion) was allocated to the scheme's civic programs. In May 2018, approval was given to build another 150,000 affordable homes. The scheme is expected to promote affordable housing and construction in the country and give a boost to RES. The government has also issued guidelines for investing in non-residential property through real estate investment trusts (REITs).Therefore, this research paper highlights the improvement of Real Estate Sector after GST implementation which had needed for last 7 decades.
KEYWORDS: Special Economic Zone (SEZ), Real Estate Sector (RES), Indian Economy, GST.
