GST For Real Estate: Going Soft on Realty

The gloom over the real estate sector is on the wane. The Council is expected to give further relief to the housing sector in a meeting by this month-end. But first, let us understand some basic facts about indirect taxation on real estate. Real estate consists of land, land improvements, buildings and building improvements. It is a tangible asset. In contrast, “real property” is intangible and re…