Hyderabad: Finance minister Etela Rajender on Sunday said that Goods Service Tax was a wonderful concept and it would benefit everyone in the long run.
After fixing the Revenue Neutral Rate, Central and state GST would be levied at a rate of 20 per cent to 30 per cent, which would be decided later by GST council.
Speaking at a property show organised by the CREDAI at Hitex, the minister appreciated the builders for the wide range of properties on display. The property show is being displayed with more than 15,000 properties in and around the city.
IT minister K.T. Rama Rao who visited the show on Saturday had appreciated the builders and explained how the government was developing the city with radial roads, skyways and various corridors.
CREDAI president S. Ram Reddy said that the present tax structure in TS was only one-third of the proposed GST. “There will be a tax burden during the construction stage as well as at the time of purchase. Both taxes cumulatively will have a possibility to increase the rates by 15 – 20 per cent. This will be an extra burden on the end user. Clarity on this will come shortly. In the meantime, home buyers should make the most of the present tax structure and purchase flats at the prevailing lower tax rates,” he said.
