'GST will help clean up real estate sector '
Despite apprehensions about compliance and related issues, the goods and service tax (GST) to be enforced from July 1 would have "positive impact" on India's economy and it can also play a part in "cleaning" the real estate sector, Chairman and Managing Director of Navratna company NBCC India Anoop Kumar Mittal said here.
"No doubt there will be infinite numbers of benefits of GST. Of course everybody is scared because of compliance issues.....as this is something new, people are afraid of what would happen. But ultimately it will prove beneficial...it may take sometime to make people understand and appreciate the virtues of it," Mr Mittal said.
He said, "Though GST is directly not linked to cleaning of the system, it will have a positive impact (on that front as well)". "It may take one or two years.....otherwise it is good for nation. In fact, the real estate and construction sectors will be most beneficial due to GST. There will be cost reduction also."
Asked whether there is a dichotomy as cost reduction could end up helping consumers but will it help the players in the real estate sector per se, he said, "If any measure is helping consumers...it will definitely improve sales. This will improve your growth also".
Overall, the NBCC chief, said that as a result of the goods and service tax, "things will be simplified".