abstract

The industry is currently prepared for the new GST. Consumers are waiting for the proper time to sign the contract while developers take all essential safety and preparation precautions. Even though the GST has been in place for two years, this study aims to provide some insight into how indirect property taxes have affected the pre- and post-GST governments. An example of property is real estate. Property is the right to own and utilize something. Real property, to use a legal term, is the right to own and utilize land for a period of time that could be as long as a lifetime or more. According to the law, all other property is personal property. According to the legislation, a 999-year lease that has an expiration date but is not measured by a life is less time-consuming than a property conveyance whose duration is determined by a life or by multiple lives. We use the phrases in their precise legal connotation when referring to real estate. When we refer to real estate as a commodity and a business, it encompasses all of the different aspects of the industry that attract the interest of those who pursue it professionally. It also includes interests that, in the eyes of the law, are not real property, such as leases, mortgages, and other similar arrangements.