7 January 2018
Eminent speakers shed light on various aspects of Goods and Services Tax at a seminar on GST-Updates and Its Impact on Real Estate held at PHD Chamber of Commerce and Industry. This was hosted by the Panchkula chapter of the Institute of Cost Accountants (ICAI) in association with GBP Group and Dialogue Highway Trust. In his inaugural speech, CMA (Cost and Management Accountant) D.S. Bhatia, Chairman of the chapter elaborated on the theme. He also delivered a brief about the contributions of the Institute having more than 70,000 Cost and Management Accountants serving in different capacities throughout the world with their prime contribution towards enriching Cost competitiveness of Indian industries and participation in sustainable and inclusive growth and development of the economy.
The seminar was presided over by Anupam Gupta, Director SALES, GBP Group. While speaking on the occasion Gupta said, “ Real estate sector has been kept out of the purview of GST. If it comes under GST then consumers will be benefitted greatly. However, real estate is still a better option for investment and in last one year it has given average return of 20%. It has no effect on its growth even after demonetization and is picking up further”.
CMA Anil Sharma, Secretary Northern India-ICAI explained the legal provisions of GST Act, 2017 related with the real estate sector and expressed that why it has been kept outside the preview of GST and how it has adverse affects on economy.
Adding to it he said, “By keeping it outside the preview of GST, the prices in real sector has gone up. Now in GST regime, customer has to pay twelve percent GST during construction period and in addition to that stamp duty at 9% in Punjab, which vary state to state”.
Considering the volume of new notifications issued by GST Council since July,2017, lot of confusion has been created in the minds of end user. While explaining the new provisions Rakesh Bhalla, CGM-SML-ISUZU said it is a missed fired missile released in haste.
Dr.J.K.Suri, IT Professional and representative from Dialogue Highway, expressed his view about poor designing of the GST Portal and is not user friendly. It needs to be improved further for the benefits of the stake holders.
On the occasion, CMA Lok Nath Aggarwal-Vice Chairman, CMA Satish Dhingra- Secretary, CMA Sanjay Singh-Treasurer, CMA Geeta Dhingra- Chairman-Coaching, CMA Vijay Anjum, B.B.Gupta-Excutive members and Sh. D.S Grewal from Senior Citizen Association were present in the seminar. Professionals like Advocates, Chartered Accountants, Doctors, IT Professionals, Academicians and Environmentalists and other stake holders were also present and all praised the speakers for their way of presentation.
At the end CMA Parveen Sharma, Executive member of Chapter committee presented the formal Vote of thanks.