Considered as one of the most pivotal sectors of the Indian economy, real estate sector is the largest employer in the economy coming only after agriculture sector. With an average of 5-6% contribution to the GDP at present, it is set to grow at a compounded annual growth rate of 30% in over the 10 years. Although real estate sector generates a staggering amount of revenue, it has been embroiled in disputes in the past years due to multiple taxations and ambiguity in provisions. Notorious for tax evasion and cash transactions, here is how GST will affect the real estate industry as a whole. Simplification of Tax • the most positive takeaway for consumers and investors is the emergence of a simple tax that applies to the overall of the purchase price. The consumers and investors were hassled by the tax rates earlier as they were levied depending on the construction status of the property. While purchasing an under construction property attracted the payment of Vat, service tax, s...