Finance Minister Arun Jaitley has said, GST Council will discuss bringing real estate under its ambit. Delivering a lecture on India’s tax reforms at Harvard University in Boston, Mr Jaitley said, real estate sector in India is one sector, where maximum amount of tax evasion and cash generation takes place and which is still outside the GST. He said, the matter will be discussed in the next meeting of the GST, which will be held on 9th November, in Guwahati.
The Finance Minister said, the move will benefit the consumers who will only have to pay one final tax on the whole product. Interacting with students at the University, Mr Jaitley said, Indian government is working on a plan to rebuild the capacity of the banking sector so that it could support growth.