Impact And Interplay Of Real Estate (Regulation And Development) Act, 2019 (RERA) And The Goods And Services Act, 2017 (GST) On The Construction Sector In India
- IJLLR Journal
- Jul 13
- 1 min read
M. Uma Shankar, Research Scholar, ICFAI Law School, IFHE, Hyderabad, Telangana, India
Dr Aruna Kammila, Associate Professor, ICFAI Law School, IFHE, Hyderabad, Telangana, India
ABSTRACT:
Two separate Acts viz., the Real Estate (Regulation and Development) Act, 2016, (which came into full effect from 1st May 2017) and the Goods and Services Act, 2017 (effective from 1st July 2017) have shown their impact on real estate sector. The former was brought into effect to ensure greater transparency and accountability in real estate sector; and the latter was to simplify the indirect taxation as a whole. Both the Acts impacted “under construction properties” and hence the prices for the end-buyers. The objective of this article is to examine the effect of these two Acts on the project developers and buyers. This article provides description of the impact of these two Acts on different issues related to the real estate sector and explores the reasons leading to the increased tax burden and litigation.
Keywords: Real Estate, Construction Sector, RERA, GST and ITC.
