© 2023 JETIR June 2023, Volume 10, Issue 6 www.jetir.

org (ISSN-2349-5162)

A Study on “IMPACT OF GST ON VARIOUS

CONSTRUCTION PROJECT”
Jeevitha.R Shilpa Deelwal
Assistant professor 6th Sem B.com
Pes University pes university
Bangalore-85 Bangalore-85
Introduction
Taxes are a required financial commitment that citizens and corporations make to the government in order to support
public services and initiatives. Taxes come in a variety of forms, including excise taxes, tariffs, sales taxes, property
taxes, and income taxes. Tax money is used by the government to pay for a variety of services, such as public
healthcare, transportation infrastructure, national military, and social welfare initiatives. Taxes are often calculated
based on an individual's or business's earnings or assets, with higher income earners typically paying a larger
proportion of their earnings in taxes. Depending on the jurisdiction, taxes may be collected at the municipal, state,
or federal levels. In order to prevent penalties or fines for non- compliance, it is crucial to understand the applicable
tax laws and regulations. Tax laws and rates can differ significantly depending on the nation, state, or city in question.

India has long had a tax system in place, and there is evidence of tax collecting going back thousands of years. The
principal piece of law governing the taxes of both individuals and corporations in modern India is the Income Tax
Act of 1961, which established the country's present taxation system. Since then, India has put in place a number of
different tax systems, such as the Goods and Services Tax (GST), which was put in place in 2017 to replace a
number of earlier indirect taxes. To stay compliant with tax rules, it's crucial to keep up with the government of
India's frequent revisions to tax laws and rates.

The Income Tax Act of 1961, which is the main piece of legislation governing the taxes of both individuals and
businesses, oversees taxation in India. India's taxation system is governed by a number of laws and rules, with the
Income Tax Act of 1961 serving as the main piece of legislation. The Central Board of Direct Taxes (CBDT), which
is a division of the Ministry of Finance, is responsible for enforcing this law, which regulates how people and
corporations are taxed. Depending on the type of taxpayer, the amount of income or profits, and the type of
transaction, the tax rates and regulations for each of these taxes can change. In order to avoid penalties and fines,
taxpayers must abide by tax laws and make timely tax payments. It is advisable to consult a tax professional or the
appropriate government official for the most recent information because the Indian government frequently updates
its tax laws and regulations.

GST IMPACT ON CONSTRUCTION SECTOR –

GST is anticipated to bring about a great deal of the necessary responsibility and openness.
Companies should also be able to benefit from an improvement in total profit thanks to the anticipated free flow of
financing. It has yet to be seen if these advantages are passed on to consumers.
From the perspective of the customer, the main benefits would be a reduction in the total tax burden on products and
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an improvement inside the tax system's openness. GST will also aid in the reduction of pointless paperwork and the
time that reliable suppliers now spend waiting at multiple state borders. There is little doubt that the effects of the
GST will be seen, although gradually.

Review on the Impact of the New GST on the Construction Sector:

By combining many taxes into one, the GST has streamlined the tax structure for the construction industry. This
has made paying taxes easier for construction enterprises and lessened their compliance load. Construction
businesses can also claim credits for taxes spent on inputs under the GST's input tax credit scheme, which lowers
their overall tax obligation.

Nonetheless, there have been certain issues with the GST's application in the building industry. The GST
categorization of works contracts has been one of the main problems. Construction businesses and tax authorities
have been confused and at odds over the ongoing uncertainty surrounding the categorization of works contracts as
commodities or services.

The effect of the GST on building project costs has been another difficulty. As comparison to the former system's
service tax rate of 15%, the GST's tax rate on building services is higher at 18%. Due to this, the price of building
projects has increased, which has an effect on how affordable housing and other infrastructure projects are.

Overall, even though the GST has made the tax system for the construction industry simpler, there are still certain
issues that need to be resolved. To make construction services cheaper, the government must clarify the
categorization of works contracts and take into account lowering thetax rate.

CONSTRUCTION SECTOR
Work Contract under Pre-GST

In the pre-GST era, there was a tax on labor contracts. Products were subject to Value AddedTax (VAT), while
services were subject to Service Tax, which varied by state.

The supplier point had no additional tax credit facility. When interstate trade occurred, states did not provide tax
credits as compensation. Work contracts were considered services under pre-GST law, and service tax was
applied to them at varying rates depending on the state. On the other hand, materials under the heading of
Commodities comprised stones, steel, cement, wooden blocks, etc.

Work Contract under New GST- Regime

In the pre-GST regime, there was confusion over job contracts. After the implementation of the new GST regime,
work contracts have only been confined to moveable property in Clearfield. Both the provision of services and that
of commodities have already been defined. The work contract will now regard this supply as a composite supply.
GST will be applied at the highest rate to both goods and services.

Construction contract charges were among the several taxes levied prior to the implementation of the GST. And over
30 million people work directly or indirectly in the construction industry, making it a significant industry. Moreover,
the economy benefited by more than $200 billion. Construction has been accurately characterized during the GST
period. Construction project, manufacturing, installation, fitting out, remodeling, setup, rehabilitation, and other
activities are all covered in the broader definition of construction under the new GST regime.

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IMPACT OF GST ON CONSTRICTION INDUSTRY

The pre-GST era saw a huge amount of taxes. In several states, the input tax credit was not precisely defined, which
increased product costs. Due of several taxes on the same commodity in the pre-GST period, the construction
industry was also venerable. But, all uncertainty has been eliminated under the new GST regime. GST rates in the
construction industry are as follows:

Tax Before GST After GST

Service Tax 4.5-15% 18%
VAT 5-14.5% 0%
Excise Duty 12.5% 0%
Customs Duty 5-10% 0%
Central Sales Tax 2% 0%
Entry Tax Varies by State 0%
Luxury Tax Varies by State 0%

A singular tax regime replaced many levies with the introduction of the GST. The industry of construction is subject
to an 18% GST charge.

Although the basic cost of the project may decrease slightly in the case of premium properties, the input tax credit,
which is only 12 percent, will not be enough to completely eliminate the new tax burden due to the taxes already
paid on other expenses.

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Literature review:

1. Impact of goods and services tax on building construction projects S. Ramesh Kumar et
al. (2018)
S. Ramesh Kumar investigate the effect of the GST ( Goods and Services Tax ) on building growth initiatives in
Islampur City, India. The research relies on a review of the literature as wellas a poll of city building experts.

The writers begin by presenting an outline of the Indian construction sector and the current tax system. Following
that, the essay covers the effect of GST on the building business in Islampur City. According to the authors, GST
has streamlined the tax structure and decreased the total tax burden on industry. They also believe that GST has
promoted transparency and responsibility in the sector by making tax compliance easier to identify and monitor.

The authors also highlight the issues that the construction sector may encounter during the GST implementation,
such as the necessity to reorganize the present tax system, the influence on the price of projects, and the risk of
increased compliance expenses.

The primary goal is to determine the effect of the demonetization process and GST on the Indian construction
industry. Recommend methods to mitigate the effect of the demonetization process and GST on India's building
industry. The questionnaire is created using the criteria gleaned from the literature review. The questionnaire has a
total of 30 questions.

The questionnaire is sent to several construction businesses via mail and in person. SPSS(Statistical Package for
Social Science) is used to analyze the obtained questionnaire. The most important factors were rated, and suggestions
for those variables were offered.

2.Goods and Services Tax (GST) in India – an Overview and impact SongaraManoj et al. (2019)

GST is a comprehensive indirect tax that went into effect in India on July 1, 2017, replacing a number of additional
taxes that are indirect which include excise duty, service tax, and value- added tax (VAT). Songara Manoj et al.
(2019) present an overview of India's GST system and its influence on different parts of the economy in this literature
study .

According to the analysis, the establishment of the Goods and Services Tax (GST) in India was intended to
streamline the system of taxation and create a common market throughout the country. The GST system is dual in
framework, with both the national and state governments taxing the supply of products and services. The GST
system features four tax brackets: 5%, 12%, 18%, and 28%, with basic goods charged at 5% or 0% .

The analysis goes on to evaluate the impact of GST on several industries, including the agricultural sector,
manufacturing, service sectors, and the general economy. The installation of GST has resulted in a decrease in the
burden of taxes on businesses, which has resulted in lower pricing for products and services. The GST system
additionally enhanced tax system efficiency by decreasing the cascading impact of taxes and enhancing compliance.

The evaluation does, however, note some of the issues that India's GST system has experienced, including the
complicated nature of the tax system, technological faults in the GSTN interface, and an insufficient degree of tax
compliance. According to the analysis, the government must solve these issues in order for the Goods and Services
Tax (GST) in India to succeed.

GST will be a significant step forward for the Indian economy since, since independence, India has suffered various

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challenges as a result of a complicated indirect tax system; this complexityis expected to be rectified by the current
GST structure, which replaces all state and national indirect taxes with a single basic unique tax.1 GST is a national
indirect tax on the manufacturing, sale, and consumption of goods and services. The (GST) is one of India's most
significant tax changes, with the goal of integrating state economies and boosting general GDP. The purpose of this
research study is to examine the impact of GST on various sectors. The implementation of GST has created turmoil
and bewilderment among the general public.
The GST law would serve as a vehicle for India's economic unification. The fundamental feature of the GST is that
it would turn India into a united market by removing the current fiscal barriers between states, and tax compliance
will increase. There is going to be only one tax, andit would be enforced at the national level by the federal
government.

GST is also distinct in that it is charged at the point of consumption rather than at the point of manufacture. Finally,
Songara Manoj present a complete assessment of India's GST system and its influence on various industries.
According to the evaluation, although the implementation of GST has resulted in substantial improvements in India's
tax structure, there are still difficulties that must be solved to ensure the GST system's long-term viability”.

4. Building Construction: Before & After GST Meet H. Rawal et al. (2018)

Meet H. Rawal investigate the effect of the GST ( Goods and Services Tax ) on the Indian building construction
sector, concentrating on developments that happened before to and afterthe adoption of GST. The research
depends on a review of the literature and an examination of the potential effects of GST on the building sector.

The writers begin by offering an outline of India's building construction sector and current tax system. They argue
that the industry contributes significantly to the nation's GDP and occupies a sizable section of the workforce.
They also emphasize the numerous taxes charged on theindustry prior to the establishment of GST, such as
VAT, service tax, and excise tax.

The essay then analyses the changes that happened in the property construction business following the installation
of GST. According to the authors, GST has streamlined the taxstructure and decreased the total tax burden on
industry. They also believe that GST has increased openness and accountability in the sector by making tax
compliance easier to identify and monitor.

The authors also highlight the issues that the construction industry experienced during the GST implementation,
such as the necessity of restructuring the present tax structure, its effect on expenditures on projects, and the
likelihood of higher compliance expenses.

The implementation of the Goods and Services Tax has resulted in major modifications in the working patterns of
all sectors of the Indian economy. The Construction Sector, also known as a "unorganized sector," has been hit the
hardest because there are a large number of activities involved, a large budget is initially put up, knowledge
regarding document management as well as financial matters is not done as per the necessary terms. Often, shortcuts
are used to deal with tax-enhancing activities, rendering the construction industry vulnerable to the negative impacts
of GST on its operations and regularizing the unorganized sector.

There are myths that the construction industry is slowing down as a result of GST, that the cost of supplies,
equipment, and labor is rising as a result of GST, but the real-life situation is being studied by comparing an existing
building built under the old taxation system to one built under the GST regime. The cost difference is determined
on a unit basis to examine the effects of GST on the construction sector. In the construction sector, there has been a
desire to improve working methods in order to produce better outcomes while saving time, energy, and money.
In doing so, many alternatives are taken, and many streamlined actions are carried out, issuing in inadequate data
for all part of the projects. Finally, the authors contend that the installation of GST had a favorable influence on
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India's building construction business. They claim that GST has streamlined the tax structure, promoted
accountability and transparency, and lowered the industry's overall tax burden. However, they agree that there's may
be significant initial implementation issues that must be carefully controlled by government and business parties.
Overall, the report gives a complete assessment of the consequences of GST on the Indian building construction
sector, highlighting both the possible benefits and concerns.

5. The Effects of GST (Goods and Services Tax) on Construction Capital Costs andHousing Property Prices Rozlin
Zainal et al
”

Rozlin Zainal et al.'s research focuses on the influence of the GST (Goods and Services Tax) on building
expenditures and residential prices in Malaysia. The study's goal is to determine the impacts of the Goods and
Services tax on the building sector and how this affects house costs.

The writers undertook a thorough study of the available literature on the subject, including papers, reports, and
official publications. They used the information gathered from these various sources to assess the link between
building costs, home prices, and GST.

According to the findings of the study, the installation of Goods and Services Tax in Malaysia had a substantial
influence on the real estate industry. The authors discovered that GST increased building capital costs since it was
paid on numerous construction inputs including inventory, equipment, and manpower. This cost increase
subsequently resulted in a rise in house prices.

According to the authors, the influence of GST on house prices varies depending on the kind of housing. Price
increases were more apparent in the elite housing market than in the low-end market. They also discovered that
builders were putting on the higher expenses to buyers, causing the whole price of homes to rise.

Furthermore, the authors discovered that the impact of GST on building expenditures and real estate prices was not
consistent across all Malaysian states because to disparities in the residential market and building industry, certain
states were hit more than others. The major goal
of this study is to investigate the GST impacts related with building capital expenses and their implications on real
estate developers and residential property prices. This study also attempts to emphasize developers' perspectives on
how GST affects them, in addition to the housing costs of future proposed projects. The conclusions are based on a
survey of 36 house builders and a reputable property consultant in Malaysia conducted by Henry Butcher
(International Asset Consultant).

As It was determined that the main construction expenses affected by the implementation of GST include
construction supplies and land acquisition, whereas capital revenue is a later and significant result that developers
now face, resulting in an increase in housing property prices. In the end, it is the end users who face the greatest
burden of the price increase, and the government plays a key part in this scenario. Finally, Rozlin Zainal et al.'s
study demonstrates the influenceof GST on building expenditures and residential market values in Malaysia. The
study offers useful information for policymakers and housing sector players on the effects of taxes onbuilding and
housing costs, particularly in emerging nations such as Malaysia.

Research Design
Objective of the study:
1.To investigate the effect of GST on the Indian construction industry's supplychain and procurement
procedures.
2.To make recommendations on how to improve GST compliance and reduce thestrain on the Indian building
sector.
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3.To conduct a comparison of the prior GST and the new GST on the constructionindustry.
4.To investigate the GST (Goods and Services Tax) idea and its effect on the Indianconstruction industry.
5.To understand the benefits and drawbacks of GST in the Indian setting.
Research methodology
 Method of data collection
 Primary data
Primary data is essentially actual data that I acquired by contacting significant individuals in the construction business and
seek their participation in the research. Online Surveys: To develop an online survey, online survey methods such as Google
Forms have been used. Online surveys are a low-cost way to collect primary data and quickly reach a bigger audience. After
acquiring primary data, I was able to evaluate it using a variety of statistical methods and methodologies to get relevant insights
and findings.
 Secondary data
Secondary data for the base of the project I collected from internet,
Magazines, newspapers, etc. Secondary data sources such as government reports, industry publications, and research articles,
which were use to complement the primary data collected.

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Data processing and analysis

Q1. Gender

Table: 1

Particulars No. of Respondent Percentage

Male 35 70%
Female 15 30%
TOTAL 50 100%

Female
30%

Male
70%

Interpretation: in this group of 50 individuals, there is a higher percentage of males thanfemales. 70%
of the individuals are males and 30% are females.

Age GroupTable : 2

Particulars No. of Respondent Percentage

Under 20 11 22%
20 - 30 Years 36 72%
30 - 40 Years 3 6%
Above 40 Years - -
Total 50 100%

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Age Group
0%

6% 22%

Under 20
20 - 30 Years
30 - 40 Years
72%
Above 40 Years

Interpretation: The given data shows the distribution of respondents according to their age groups. Out of the total 50
respondents, 11 are under 20 years of age, 36 are between 20 and 30 years of age, 3 are between 30 and 40 years of age,
and there are no respondents above 40 years of age.

 The interpretation of the statement "22% are under 20" means that 22% of the respondents, which is 11
individuals, are under the age of 20.
 The interpretation of the statement "72% are between 20 - 30 Years" means that 72% of the respondents, which
is 36 individuals, are between the ages of 20 and 30.
 The interpretation of the statement "6% are between 30 - 40 Years" means that 6% of the respondents, which
is 3 individuals, are between the ages of 30 and 40.
 It's important to note that there are no respondents above the age of 40 in this group. Overall, the data suggests
that the majority of respondents are between the ages of 20 and 30, with a small number of respondents under
20 and between 30 and 40 years of age.

Q3. Employment StatusTable: 3

Particulars No. of Respondent Percentage

Student 27 54%
Employed 19 38%
Self Employed 4 8%
Retired - -
Total 50 100%

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60%
54%

50%

38%
40%

30%

20%

8%
10%
0
0%
Student Employed Self Employed Retired

Interpretation: The given data shows the distribution of respondents according to their employment status. Out of the
total 50 respondents, 27 are students, 19 are employed, 4 are self-employed, and none are retired.

 The interpretation of the statement "54% are students" means that 54% of the respondents, which is
27 individuals, are students.
 The interpretation of the statement "38% are employed" means that 38% of the respondents, which is
19 individuals, are currently employed.
 The interpretation of the statement "8% are self-employed" means that 8% of the respondents, which
is 4 individuals, are self-employed.
 It's important to note that there are no retired respondents in this group. Overall, the data suggests that
the majority of respondents are students, with a significant proportion also being employed. A smaller percentage
of respondents are self-employed.
Educational QualificationTable: 4

Particulars No. of Respondent Percentage

Under Graduate 25 50%
Graduate 16 32%
Post Graduate 9 18%
Others - -
Total 50 100%

Education Qualification
Under Graduate Graduate Post Graduate Others

0%
18%

50%

32%

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Interpretation:

The given data shows the distribution of respondents according to their educationalqualifications. Out of the
total 50 respondents, 25 have completed undergraduate studies, 16 have completed graduate studies, 9 have
completed post-graduate studies, and none fall under the "others" category.

 The interpretation of the statement "50% are Undergraduates" means that 50% of therespondents,
which is 25 individuals, have completed undergraduate studies.
 The interpretation of the statement "32% are Graduates" means that 32% of therespondents, which
is 16 individuals, have completed graduate studies.
 The interpretation of the statement "18% are Post Graduates" means that 18% of therespondents,
which is 9 individuals, have completed post-graduate studies.
 It's important to note that there are no respondents falling under the "others" category. According
to the above diagram, the majority of the respondent is literate.

Monthly Income (INR)Table: 5

Particulars No. of Respondent Percentage

Less than 10000 14 28%
10000-30000 16 32%
30000-50000 11 22%
50000 & More 9 18%
Total 50 100%

Monthly Income

35%
30%
25%
20%
15%
10%
5%
0%
Less than 10000 10000-30000 30000-50000 50000 & More

Monthly Income

Interpretation:

The given data shows the distribution of respondents according to their monthly income in INR. Out of the total
50 respondents, 14 have a monthly income less than 10000 INR, 16 have a monthly income between 10000-
30000 INR, 11 have a monthly income between 30000-50000 INR, and 9 have a monthly income of 50000 INR
or more.

Overall, the data suggests that the majority of respondents have a monthly income of less than 30000 INR, with
a significant proportion falling in the 10000-30000 INR range. A smaller percentage of respondents have a
monthly income between 30000-50000 INR, and even fewer have a monthly income of 50000 INR or more.

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Do you agree with the implementation of GST in IndiaTable: 6

Particulars No. of Respondent Percentage

YES 41 82%
NO 9 18%
TOTAL 50 100%

YES NO

18%

82%

Interpretation: The data suggests that the majority of respondents agreed with the implementation of GST in India, with
a minority of respondents not in favor of it.

Would the GST raise the EMIs on house loans?

Table: 7

Particulars No. of Respondent Percentage

YES 35 70%
NO 15 30%
TOTAL 50 100%

Interpretation: Majority of the respondent agrees that the EMIs on home loans may shoot up due to GST
indirectly impacting the cost of materials and services related to the construction and real estate sector.

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Q8. The different legal formalities have grown due to GST.Table: 8

Particulars No. of Respondent Percentage

Strongly disagree 6 12%
Disagree - -
Neutral 16 32%
Agree 22 44%
Strongly agree 6 12%
TOTAL 50 100%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%
Strongly Disagree Neutral Agree Strongly agree
disagree

Interpretation: GST has led to an increase in legal formalities, as confirmed by a majority of respondents. This
means that businesses and individuals now have to comply with more legal requirements and procedures to
adhere to GST regulations.

Which system do you believe is better for both the government and thepeople?

Table: 9

Particulars No. of Respondent Percentage

Goods and Service Tax 46 92%
Other 4 8%
TOTAL 50 100%

Goods and Service Tax Others

Interpretation: About 92% of users believe that the Goods and Services Tax is moreadvantageous to both
the government and the citizens.
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Would the GST affect the stamp duty when purchasing a home?

Table: 10

Particulars No. of Respondent Percentage

YES 33 66%
NO 17 34%
TOTAL 50 100%

NO, 34%

YES, 66%

Interpretation: A majority of 66% of the respondents believe that the introduction of GSTwould have an
impact on the stamp duty incurred while purchasing a home. However, 34% of the respondents think otherwise.

Have you seen a difference in the cost of construction projects with theapplication of GST?

Table: 11

Particulars No. of Respondent Percentage

YES 33 66%
NO 3 6%
Maybe 14 28%
TOTAL 50 100%

70%

60%

50%

40%

30%

20%

10%

0%
YES NO MAYBE

Interpretation: A significant proportion of 66% of the respondents have observed a differencein the cost of
construction projects with the implementation of GST, whereas only a minority of 6% said no. On the other
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hand, 28% of the respondents were unsure or had no definite answer.
Would GST raise the tax burden on construction-related businesses?

Table: 12

Particulars No. of Respondent Percentage

Strongly disagree 8 16%
Disagree 2 4%
Neutral 19 38%
Agree 16 32%
Strongly agree 5 10%
TOTAL 50 100%

40%

35%

30%

25%

20%

15%

10%

5%

0%
Strongly Disagree Neutral Agree Strongly
disagree agree

Interpretation: Around two-thirds of the respondents either agreed (32%) or strongly agreed (10%) that there
was a difference in the cost of construction projects due to the application of GST. In contrast, a minority of the
respondents disagreed (4%) or strongly disagreed (16%), and 38% of the respondents had a neutral opinion on
the matter.
Is there an increase in duplicate billing?

Table: 13

Particulars No. of Respondent Percentage

YES 23 46%
NO 18 36%
Maybe 9 18%
TOTAL 50 100%

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YES NO MAYBE

18%
46%

36%

Interpretation: A considerable proportion of the respondents (46%) reported an increase in duplicate billing,
while 36% said otherwise. Additionally, 18% of the respondents were unsure or had no definite answer on
whether there was an increase in duplicate billing.
Is the input tax credit (ITC) mechanism assisting in lowering the overallcost of construction projects?

Table: 14

Particulars No. of Respondent Percentage

Strongly disagree 5 10%
Disagree 2 4%
Neutral 19 38%
Agree 16 32%
Strongly agree 8 16%
TOTAL 50 100%

40%
35%
30%
25%
20%
15%
10%
5%
0%
Strongly
Disagree
disagree Neutral
Agree
Strongly
agree

Interpretation: Around half of the respondents (48%) either agreed (32%) or strongly agreed (16%) that the
input tax credit (ITC) mechanism was assisting in reducing the overall cost of construction projects. In contrast,
a minority of the respondents disagreed (4%) or strongly disagreed (10%), and 38% of the respondents had a
neutral opinion on the effectiveness of ITCin lowering the overall cost of construction projects.

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Has GST caused any delays in the completion of your building projects?

Table: 15

Particulars No. of Respondent Percentage

YES 15 30%
NO 22 44%
Maybe 13 26%
TOTAL 50 100%

YES NO MAYBE

26% 30%

44%

Interpretation: About one-third of the respondents (30%) reported that GST has caused delays in the
completion of their building projects, while a majority of 44% stated otherwise. Additionally, 26% of the
respondents were unsure or had no definite answer on whether GST has caused delays in the completion of their
building projects.

GST will increase the Tax collection of GOVT.Table: 16

Particulars No. of Respondent Percentage

Strongly disagree 2 4%
Disagree 4 8%
Neutral 10 20%
Agree 19 38%
Strongly agree 15 30%
TOTAL 50 100%

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40%

35%

30%

25%

20%

15%

10%

5%

0%
Strongly Disagree Neutral Agree Strongly
disagree agree

Interpretation: A significant proportion of the respondents (68%) either agreed (38%) or strongly agreed (30%)
that the implementation of GST would increase the tax collection of the government. In contrast, a minority of
the respondents disagreed (8%) or strongly disagreed (4%), and 20% of the respondents had a neutral opinion
on whether GST would increase the tax collection of the government.
Is it true that under-construction properties are more expensive thanready-to-move-in houses?

Table: 17

Particulars No. of Respondent Percentage

YES 20 40%
NO - -
Maybe 30 60%
TOTAL 50 100%

YES
40%

MAYBE
60%

NO
0%

Interpretation: it appears that there is a significant level of uncertainty regarding whether under-construction
properties are more expensive than ready-to-move-in houses. While 40% of respondents believe that under-
construction properties are more expensive, there is no one who is confident that they are not. The remaining
60% of respondents are uncertain, suggesting that the answer may depend on various factors such as location,
market conditions, and individual preferences. Therefore, it cannot be concluded definitively whether under-
construction propertiesare more expensive than ready-to-move-in houses.

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Would the GST raise the price of resale properties?Table: 18

Particulars No. of Respondent Percentage

Strongly disagree 2 4%
Disagree 7 14%
Neutral 16 32%
Agree 14 28%
Strongly agree 11 22%
TOTAL 50 100%

35%

30%

25%

20%

15%

10%

5%

0%
Strongly Disagree Neutral Agree Strongly
disagree agree

Interpretation: There is a significant level of uncertainty regarding whether the GST would raise the price of
resale properties. While a majority of respondents (54%) disagree or strongly disagree, there is a sizeable
proportion (50%) that agrees or strongly agrees. The remaining 32% of *respondents are neutral, indicating that
they do not have a clear opinion on the matter. Therefore, it cannot be concluded definitively whether the GST
would raisethe price of resale properties, and further analysis may be required.
Does the GST affect the cost of building materials?

Table: 19

Particulars No. of Respondent Percentage

YES 20 40%
NO - -
Maybe 30 60%
TOTAL 50 100%

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YES NO MAYBE

40%

60%

0%

Interpretation: It appears that there is a significant level of uncertainty regarding whether the GST affects the
cost of building materials. While 40% of respondents believe that the GST does affect the cost of building
materials, there is no one who is confident that it does not. The remaining 60% of respondents are uncertain,
suggesting that the answer may depend on various factors such as the specific materials in question and the
overall market conditions. Therefore, it cannot be concluded definitively whether the GST affects the cost of
building materials, and further research may be required.

The implementation of GST had a positive or negative impact on theconstruction industry in India?

Table: 20

Particulars No. of Respondent Percentage

Positive 24 48%
Negative 4 8%
Neutral 22 44%
TOTAL 50 100%

50%

40%

30%

20%

10%
0%
Positive
Negative
Neutral

Interpretation: it appears that a plurality of respondents (48%) believes that the implementation of GST had a
positive impact on the construction industry in India. Only a small proportion of respondents (8%) believe that
the impact was negative, while the majority of respondents (44%) are neutral. This suggests that while some
people perceive the GST as having had a positive impact on the construction industry, there is also a significant
level of uncertainty and ambivalence surrounding this issue. Therefore, further research and analysis may be
required to fully understand the effects of the GST on the construction industry in India.
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Drafting a questionnaire

1. Do you agree with the implementation of GST in India

2. Would the GST raise the EMIs on house loans?
3. The different legal formalities have grown due to GST.
4. Which system do you believe is better for both the government and the people?
5. Would the GST affect the stamp duty when purchasing a home?
6. Have you seen a difference in the cost of construction projects with the application of GST?
7. Would GST raise the tax burden on construction-related businesses?
8. Is there an increase in duplicate billing?
9. Is the input tax credit (ITC) mechanism assisting in lowering the overall cost of construction projects?
10. Has GST caused any delays in the completion of your building projects?
11. GST will increase the Tax collection of GOVT.
12. Is it true that under-construction properties are more expensive than ready-to-move-in houses?
13. Would the GST raise the price of resale properties?
14. Does the GST affect the cost of building materials?
15. The implementation of GST had a positive or negative impact on the construction industry in India?

Findings

SUMMARY OF FINDINGS:
 The majority of clients are aware of GST because of the media.
 The majority of clients support the introduction of the goods and services tax in India.
 The majority of clients believe that adopting GST will result in higher prices for products and services.
 Majority of the respondent agrees that the EMIs on home loans may shoot up due to GST indirectly impacting
the cost of materials and services related to the construction and real estate sector.
 GST has led to an increase in legal formalities, as confirmed by a majority of respondents. This means that
businesses and individuals now have to comply with more legal requirements and procedures to adhere to GST
regulations.
 About 92% of users believe that the Goods and Services Tax is more advantageous to both the government
and the citizens.
 A majority of 66% of the respondents believe that the introduction of GST would have an impact on the stamp
duty incurred while purchasing a home. However, 34% of the respondents think otherwise.
 A significant proportion of 66% of the respondents have observed a difference in the cost of construction
projects with the implementation of GST, whereas only a minority of 6% said no. On the other hand, 28% of the
respondents were unsure or had no definite answer.
 Around two-thirds of the respondents either agreed (32%) or strongly agreed (10%) that there was a difference
in the cost of construction projects due to the application of GST. In contrast, a minority of the respondents
disagreed (4%) or strongly disagreed (16%), and 38% of the respondents had a neutral opinion on the matter.
 Around half of the respondents (48%) either agreed (32%) or strongly agreed (16%) that the input tax credit
(ITC) mechanism was assisting in reducing the overall cost of construction projects. In contrast, a minority of
the respondents disagreed (4%) or strongly disagreed (10%), and 38% of the respondents had a neutral opinion
on the effectiveness of ITC in lowering the overall cost of construction projects.
 About one-third of the respondents (30%) reported that GST has caused delays in the completion of their
building projects, while a majority of 44% stated otherwise. Additionally, 26% of the respondents were unsure
or had no definite answer on whether GST has caused delays in the completion of their building projects.
 A significant proportion of the respondents (68%) either agreed (38%) or strongly agreed (30%) that the
implementation of GST would increase the tax collection of the government. In contrast, a minority of the
respondents disagreed (8%) or strongly disagreed (4%), and 20% of the respondents had a neutral opinion on
whether GST would increase the tax collection of the government.
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 There is a significant level of uncertainty regarding whether under-construction properties are more expensive
than ready-to-move-in houses. While 40% of respondents believe that under-construction properties are more
expensive, there is no one who is confident that they are not. The remaining 60% of respondents are uncertain,
suggesting that the answer may depend on various factors such as location, market conditions, and individual
preferences. Therefore, it cannot be concluded definitively whether under-construction properties are more
expensive than ready-to-move-in houses.
 There is a significant level of uncertainty regarding whether the GST would raise the price of resale properties.
While a majority of respondents (54%) disagree or strongly disagree, there is a sizeable proportion (50%) that
agrees or strongly agrees. The remaining 32% of *respondents are neutral, indicating that they do not have a
clear opinion on the matter. Therefore, it cannot be concluded definitively whether the GST would raise the price
of resale properties, and further analysis may be required.
 There is a significant level of uncertainty regarding whether the GST affects the cost of building materials.
While 40% of respondents believe that the GST does affect the cost of building materials, there is no one who is
confident that it does not. The remaining 60% of respondents are uncertain, suggesting that the answer may
depend on various factors such as the specific materials in question and the overall market conditions. Therefore,
it cannot be concluded definitively whether the GST affects the cost of building materials, and further research
may be required.
 It appears that a plurality of respondents (48%) believes that the implementation of GST had a positive impact
on the construction industry in India. Only a small proportion of respondents (8%) believe that the impact was
negative, while the majority of respondents (44%) are neutral. This suggests that while some people perceive the
GST as having had a positive impact on the construction industry, there is also a significant level of uncertainty
and ambivalence surrounding this issue. Therefore, further research and analysis may be required to fully
understand the effects of the GST on the construction industry in India.

OVERALL CONCLUSION
GST will be the centerpiece of all Indian tax changes this century, absorbing most (if not all) current Federal and
State level levies on the provision of products and services.
As a result, GST will have a major effect on the corporate environment and operations. When assessing an
organization's preparedness to implement GST, independent trustees must consider the following factors:
1. The goods and services tax will have multiple effects on business - GST will have an effect on financial
flows, product pricing, supply chain agreements, buying, revenue recognition, and IT systems in addition to the
economic impact and tax compliance. As a result, it is critical to determine whether the organization is
conducting a comprehensive GST effect evaluation that includes all of the above.
2. Examine the influence on financial results - GST will have an effect on financial statements; for example,
the top-line may be decreased in some instances (e.g., traded goods) due to the removal of tax cascading. The
profit margins will also shift as the cost of the products sold varies as a consequence of input tax credits. These
shifts will have to be accounted for in quarterly projections and earnings reports to the financial markets for
publicly traded businesses.
3. Monitor the effect on revenue – The majority of GST planning will center on optimizing cash flows. The
effect will be due to the goods and services tax on imports, stock transactions, and changes in taxation/tax
refunds.
4. Organizations may need to redesign parts of their supply chain - The idea of simple provision of products
and services triggering tax obligation under GST, as opposed to selling under the current VAT, will have an
effect on the provision Chain's Sourcing, Production, and Distribution elements. For example, sourcing factors
would include reviewing the sourcing blend (local, interstate, and imports), and stock transfer policy, and vendor
price renegotiation due to the GST effect. The effect of GST on output would differ based on the production and
distribution arrangements, such as own/job-work/contract manufacturing. The "Place of Supply" regulations will
decide which states must pay GST.
5. Recognize the connections and differences for businesses adopting IFRS - The necessities under IFRS
differ from those under GST for businesses adopting IFRS. Organizations may have to contemplate required IT
re-alignments to successfully handle these differences. For example, there could be differences between the GST
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levy date and the time of recognizing revenue, accounting for multiple element arrangements (e.g., an invoice
that includes a supply and upkeep element), and accounting for barter actions, and GST reconciliation with
accounting records, and so on.
6. Recognize the consequences for product pricing, promotion, and human resources - The effect of GST
on the profits of different players in the distribution chain must be examined to ensure that GST does not
adversely impact product pricing and, as a result, market share. This necessitates a rethinking of exchange,
discount, and reward systems. Depending on the effect evaluation, there might be a need to rethink the indirect
tax management framework, as well as the training needs of important indirect tax employees.

Assess whether the information technology systems are geared to effectively address GST requirements
with minimal manual workarounds - The auditing panel should require management to undertake essential
improvements to IT systems from the start so that the necessary systemic connections are in place for handling
GST MIS requirements. Changes to the system are likely to be needed due to changes in taxes/tax rates, the
accessibility of payments over input taxes on purchases, including inter-state purchases and Import GST, the
provision of cross credits for products and services, and GST on stock transfer. Tax policies have a significant
effect on the economy in terms of both efficiency and fairness. Tax policies have a significant effect on the
economy in terms of both efficiency and fairness. A decent tax system should consider problems of income
division while also attempting to produce tax funds to support government spending on essential services and
building development. The ongoing tax changes aimed at implementing a GST would have an effect on the
national economy, international commerce, businesses, and consumers. The planned Goods and Services Tax
system has been met with both criticism and praise. Based on the preceding talks, the following inference can
be reached:
 GST has a major socioeconomic influence in terms of development, price impacts, current account effects,
and its influence on the budget balance.
 A shift in the tax combine from revenue to consumption-based charges is likely to offer a fruitful source of
revenue in an emerging open economy with a growing service sector. The proposed framework will simplify the
procedure, resulting in equal opportunity for all markets and, on the other hand, reduced tax evasion.
 It is recommended that every country implement GST at the national level in order to make their economy
more appealing to foreign investors. The implementation of GST allows emerging economies like India to attain
sustainable and equitable growth. Slowly, India will join global norms in taxes, business legislation, and
management practices, and will be among the stars in these areas.
 The preceding debate also leads to the conclusion that the goods and services tax will provide relief to
producers and customers by giving broad and thorough coverage of ITC set-off, tax on services set-off, and
subsuming the various taxes. It can also be stated that GST has a positive effect on different sectors and
industries.

Recommendations
Overall, GST is intended to deliver much-needed openness and accountability.
Furthermore, because of the anticipated free flow of credit, developers should benefit from a rise in total margin.
It remains to be seen if these gains are passed on to customers, as pricing in this industry is often determined by
market forces rather by price rules. From the standpoint of the customer, the principal benefit would be a
reduction in the overall tax burden on products and more transparency in the tax system. GST will also aid in the
elimination of superfluous paperwork, as well as the time spent by excellent suppliers at various state borders.
One thing is certain: the impact of GST will be significant.
Based on the study's findings, the following recommendations have been made.
Some ideas for improved administrative systems to manage the implementation of the Goods and Services Tax
Act in India include:
1.System and procedure standardization: The GST regime replaces India's complicated network of indirect
taxes collected by the Central and State governments with a single tax. Standardization of processes and
procedures is required to guarantee that the GST system runs efficiently and consistently across the country. This
involves standardizing the structure of invoices, refunds, and other GST-related documents. It also entails
standardizing the processes for registration, tax payment, return filing, and audit.

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2.Tax relief for branch transfers: Businesses that operate in numerous states frequently experience a tax cost
when items are transferred from one branch to another. Tax relief might be offered in the event of branch transfers
to minimize this tax burden. This will contribute to the ease of doing business in India and encourage enterprises
to grow across the country.

3.Job works require well-defined processes: because they involve the movement of items from one person to
another for processing or further manufacture. It is critical to have well-defined task work practices in place to
guarantee that the GST system runs properly. This involves outlining the processes for employment work
registration, tax payment, and return filing.

4.Dispute resolution mechanisms: In the GST system, disagreements can emerge between taxpayers and tax
officials. Having a consistent conflict resolution mechanism ensures that issues are addressed swiftly and
efficiently. This will reduce the strain on the courts and increase trust.

5.Appropriate training for both taxpayers and tax collectors: Adequate training for both taxpayers and tax
enforcers is critical for GST rollout success. Taxpayers must be educated on the processes for registering, paying
taxes, and submitting returns. Tax enforcers must be taught in GST legislation, processes, and technology usage
for GST compliance.

6.Reorganization of administrative machinery for GST implementation: To guarantee efficient and effective
execution of the Act, the administrative machinery responsible for GST implementation must be reorganized.
This entails establishing separate GST cells and training employees to deal with GST-related concerns. It also
entails expediting the processes for registration, tax payment, and return filing.

7.Building a strong information technology infrastructure: As it is crucial for the successful implementation
of GST. This entails creating a consolidated IT platform for registration, tax payment, and return filing. It also
entails the creation of a secure network for the exchange of data between taxpayers and tax officials.

8.GST consistent implementation across all states: To avoid any confusion or inconsistencies in the GST
regime, the GST system must be applied uniformly throughout all states. This will aid in the promotion of ease
of doing business and the reduction of compliance costs for taxpayers. It also guarantees that firms across the
country have a level playing field.

Finally, these recommendations are critical for the smooth implementation of GST in India. Standardization of
systems and procedures, tax relief in the case of branch transfer, well-defined procedures in the case of job works,
uniform dispute resolution machinery, adequate training for both taxpayers and tax enforcers, reorganization of
administrative machinery for GST implementation, building an information technology backbone, and uniform
GST implementation across all states are all critical for the GST system to function smoothly.

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