The GST council in its 34th meeting held on 19.03.2018 has made some recommendations with regards to the long awaited demands of the real estate industry. The industry is struggling with the low demand and cumbersome compliances imposed by the legislations since the introduction of GST, RERA etc. While we can say that such changes are made in the statutes are the need of the hour so as to regulate the real estate industry to save the common people’s interest but at the same time it posed some big challenges against the real estate industry particularly in terms of cash flows, blockage of funds and many more. We must know that the real estate industry contributes 6 to 8% to the GDP of India and it is the second most employment generator after the IT industry.
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