Nation Current Affairs 16 Oct 2017 Telangana not in fav ...

Telangana not in favour of GST on realty, fears revenue loss

DECCAN CHRONICLE.
Published Oct 16, 2017, 12:42 am IST
Updated Oct 16, 2017, 1:00 am IST
Telangana state earns over Rs 3,000 crore through stamp duty and registration fee every year.
The next GST Council meeting, to be held in Guwahati on November 9 is to take up the issue of bringing real estate under GST. (Photo: Representational image)
 The next GST Council meeting, to be held in Guwahati on November 9 is to take up the issue of bringing real estate under GST. (Photo: Representational image)

Hyderabad: Telangana state government is not in favour of bringing real estate under GST, a proposal put forth by Union finance minister Arun Jaitley recently. The state government fears further loss of revenue if this is done. The next GST Council meeting, to be held in Guwahati on November 9 is to take up the issue of bringing real estate under GST. At present, state governments collect stamp duty and registration fee, which vary from state to state and which remains one of the major sources of tax income for states.

Telangana state earns over Rs 3,000 crore through stamp duty and registration fee every year. States will have to stop collecting this amount and share 50 per cent of the revenue with the Centre if the realty sector is brought under GST.

 

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Location: India, Telangana




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