SK Khatik and Sakshi Sharma
The abstract of the provided text discusses the introduction of the Goods and Service Tax (GST) in India and its impact on the taxation system, particularly in the context of the real estate industry. Before July 1st, 2017, India had separate taxation laws for the central government and the state government, resulting in double taxation and a lack of transparency. With the implementation of the 122nd amendment bill, GST was introduced with the goal of creating a "one nation one tax" system, eliminating the cascading effect of double taxation.
GST is highlighted as a beneficial change, particularly for consumers, as it reduces the tax burden and offers a more transparent tax policy. The real estate industry, a significant contributor to India's GDP, has historically been associated with a lack of transparency. GST is seen as a solution to bring simplicity and transparency to the tax regime in this sector. It has streamlined the tax structure by removing multiple taxes such as VAT, Service tax, and central excise, and has also automated and simplified processes related to registration, refunds, and tax payments.
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