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GST - Comments-Mahindra Lifespaces

As the government rolled out GST on July 1st, 2017, it is set to bring about fundamental shifts in taxation across sectors, including real estate and infrastructure. Specific to real estate, please find the comments below from Sunil Sharma, VP- CRM & Marketing, Mahindra Lifespaces Developers Limited :-

“The Goods & Services Tax (GST) is set to bring about fundamental shifts in taxation in the real estate and infrastructure sector.  Taxes such as Excise Duty, VAT, Octroi, LBT, etc. have been subsumed into GST.  The implementation of GST is expected to benefit the sector in the long term, owing to improved transparency and accountability across the value chain, and ease of doing business.  A simpler and more transparent tax regime applied on the purchase price under GST is a significant takeaway for property buyers.  GST will also entitle developers and contractors to input tax credit on purchase of materials, which can improve efficiency in transportation/logistics related to construction materials.
In the mid-long term, the stabilization brought about by GST can streamline the Indian real estate sector, with benefits across the ecosystem on account of improved efficiencies.”

About Mahindra Lifespace Developers Ltd.

Mahindra Lifespace Developers Ltd., the real estate and infrastructure development business of the Mahindra Group, is a leader and pioneers in sustainable urban development, through the creation of residential and integrated large format developments across multiple city-clusters – Mumbai Metropolitan Region (Mumbai, Thane, Palghar, Alibaug and Boisar), Pune, Nagpur, Ahmedabad, Nashik, the National Capital Region (New Delhi, Gurgaon and Faridabad), Jaipur, Hyderabad, Bengaluru and Chennai.  As of March 31st, 2017, the Company’s residential & commercial development footprint includes 1.29 million sq.m. (13.87 million sq ft) of completed projects and 0.83 million sq. m. (8.89 million sq. ft.) of ongoing and forthcoming projects.
The Company has pioneered the concept of an integrated business city through ‘Mahindra World City’ developments in Chennai and Jaipur; built on the philosophy of ‘Livelihood-Living-Life’, these developments span over 4500 acres, and house over 130 global and Indian companies. In addition, Mahindra Lifespaces enables access to quality housing at affordable prices via its brand ‘Happinest’.
Mahindra Lifespaces is the first Indian real estate company to have voluntarily released its GRI compliant report based on the GRI (Global Reporting Initiative) framework.  In 2016, Mahindra Lifespaces was ranked 28th amongst the ‘Top 100 companies in Asia’ in the 2016 Channel News Asia Sustainability ranking.