Decision of bringing real estate within the ambit of GST to be taken in November: Arun Jaitley

New Delhi, Oct 13 (KNN) The decision to bring the real estate under the ambit of goods and services tax (GST) is likely to be taken at the next scheduled meeting of the GST council,  Finance Minister Arun Jaitley indicated

Jaitley made the remarks addressing students-academia at Harvard University in the United States.

Highlighting the success of the tax reform, the Finance Minister enlisted the positive changes brought in by the new One Nation One Tax regime of the government.

Commenting on the real estate sector, Jaitley said that the one sector in India where maximum amount of tax evasion and cash generation takes place and which is still outside the GST is real estate.

Jaitley informed that  many states in the country have been pressing for placing it under GST.

Jaitley added that the stamp duty, which is outside the GST, has complicated the tax structure for real estate. A lot of states had opposed the inclusion of the stamp duty in the GST, as it was a source of revenue for them.

While many states are in the favour of including it at the same time, it becomes complicated to take a final call, Jaitley added.

The Finance Minister is on a week-long visit to the US. During the meet he will be  attending the annual meetings of the International Monetary Fund and the World Bank. (With PIB inputs) (KNN/DA)