Consultation India - Pune, Mumbai Real Estate/ Properties Investment, Property Management Services

National Payments Corporation of India (NPCI) announced on Thursday that bank applications for the Unified Payment Interface have officially become operational, which means that UPI apps of banks can now be downloaded and used for transactions: What is UPI and what can a user do with the app? UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone. UPI allows a customer to pay directly from a bank account to different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords. How can one download the UPI app? The UPI app of 19 banks -- Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank -- will

The real estate sector is one of the fastest growing sector all over the world as well as in India. It is growing rapidly and we can access its growth by initiatives of government for modern cities such as ‘Smart Cities’. However, the real estate sector has always been perplexed with multiplicity of taxes like VAT, service tax, stamp duty, etc. coupled with myriad disputes owing to ambiguity in the legal provisions. With the proposed introduction of GST in 2017, hopefully these multiple taxes would be reduced to only two ie GST and stamp duty. In the following paras, we have analysed the impact of GST on the real estate sector: Sale of constructed (immovable) property: GST is levied on supply of goods and services. The term ‘goods’ as defined under the Model GST law includes every kind of movable property. Hence, sale of property after construction (i.e., immovable property) should be outside the ambit of GST. However, stamp duty on the sale of immovable property would con