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Impact of GST on Construction and real estate Sector

Jan 22, 2021

About the Guest Lecture

If you know something very important, the way to get power is by actually sharing it. In the session the speaker covered features of G.S.T., its need, its functioning, difference between G.S.T. and existing tax structure, G.S.T. at international level, forms and returns to be filed under G.S.T and the impact of implementation of G.S.T. on Indian economy.

Detail of the speakers

SPEAKERS

Dr. Abhishek Mishra- chartered Accountant, Jaipur

Education/Professional Profile:

B. Com (ABST), CA, Ph.D.

Experience Summary (In years)

He is Chartered Accountant with more than 16 Year industry experience in the field of finance, taxation, accounts, audit, and company law matters.

Core expertise in offering advisory services to Real Estate, Hospitality, Education and Entertainment Industry.

Tax Planning and complete compliances of laws like Income Tax, GST, VAT, Labour laws etc.

Valuation of Securities and Financial Assets for Companies for the purpose of Companies Act 2013, IBC 2016, FEMA, and other statutory compliances. The list of clients includes Companies in the field of Financial Services, Railway Equipment making, Lifestyle, Food & Agricultural & Start-Up Companies.

The Discussion

The lecture was organised with an objective to familiarize students about the basic’s aspects of the most important reform in the field of Indian Taxation, that is, Goods and Services Tax Law. In the session the speaker covered features of G.S.T., its need, its functioning, difference between G.S.T. and existing tax structure, G.S.T. at international level, forms and returns to be filed under G.S.T and the impact of implementation of G.S.T. on Indian economy.

He talked about what is GST, when it would be implemented, what Rates would be applicable, what are the advantages & Disadvantages of GST. He added GST will remove cascading effect of taxes imbedded in cost of production of goods and services and will provide seamless credit throughout value chain. He also said GST will facilitate ease of doing business in India. Integration of existing multiple taxes into single GST will significantly reduce cost of tax compliance and transaction cost. Adding more to the topic he said Stable, transparent and predictable tax regime will encourage local and foreign investment in India creating significant job opportunities.

Objective

  1. GST aims to put at rest the controversy by defining what will constitute a works contract (applicable for immovable property only), by stating that a works contract will constitute a supply of service and specifying a uniform rate of tax applicable on same value across India.
  2. GST Impact on Construction Industry.

Learning outcome

  • Students were able to understand all aspects related to GST & its effect on construction and real estates.

 

Benefits of GST

  1. GST   provide   comprehensive   and   wider coverage of input credit setoff; you can use service tax credit for the payment of tax on sale of goods etc.
  2. CST   is   removed   and   need   not   pay.   At present there is no input tax credit available for CST.
  3. Many indirect taxes in state and central level included by GST, you need to pay a single GST instead of all other taxes.
  4.  Uniformity of tax rates across the states
  5. Ensure better compliance due to aggregate tax rate reduces

 

Total students’ participant- 67

 

CONCLUSION

GST is the most logical steps towards the comprehensive   indirect   tax   reform   in our country since independence’s is leviable on all supply of goods and provision of services as well combination thereof.  All sectors of economy whether the industry, business including Govt. departments and service sector shall have to bear impact of GST

"It's a great Lecture and very helpful!

 

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