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June 19, 2017
INPUTS FROM RAKESH REDDY, DIRECTOR OF APARNA CONSTRUCTIONS & ESTATES, ON IMPLEMENTATION OF GST
By The Property Times, Writer, The Property Times
Bengaluru, July 27, 2017: One of the longest awaited tax reforms, GST, is slated to come into effect from 1st July 2017. This will subsume a whole host of indirect taxes such as excise duty, VAT/CST, service tax etc. The GST council has brought real estate under the GST ambit partially through the works contract and will be taxed at 12% under GST. Currently, the end user or home buyer pays taxes anywhere between 9-11% including service tax and VAT and excluding stamp duty. So the net impact on the homebuyer may be neutral or may go up marginally. However, if there is no abatement of land cost, which currently is not yet clear under the GST regime, the cost to the home buyers may go up.
Also, with the exemption of service tax on affordable housing not being continued under GST, the prices in this segment may also go up marginally.”
Aparna Constructions & Estates is a leading real estate developer from Hyderabad which started its operations in 1996. So far Aparna has completed and delivered 36 projects comprising fully-integrated gated community villas, premium apartments, commercial projects, residential plot projects spread across 18 million square feet.
As a Director of Aparna Constructions & Estates, Rakesh Reddy, helps in establishing, promoting and maintaining Aparna’s brand. He is involved in developing strategies and executing tactics for the projects across Telangana & Andhra. He is also responsible to leveraging technology helping bring efficiencies in management. He closely works with the managing director and looking for verticals the company can expand into.
Apart from being associated with Aparna Constructions, he is also invested in start-ups in the education and IT space. Prior to Aparna Constructions, he was responsible for spearheading Astoria’s penetration into the global Marine Oil & Gas industries. Under his leadership he grew Astoria from a start-up into a 30-man operation, along the way, raising USD 5 million in funding and offices in Singapore, Hyderabad and Dubai.
He has a strong marketing acumen which is demonstrated by education and experience. He has completed his Masters in Science from Nanyang Technology University, Singapore.He is a recipient of Ministry of Transportation ‘The Minister’s Innovation Award’ 2010 and was nominated for Microsoft’s Innovation Award in 2008. Apart from work he actively mentors and advises start-up’s. He lovesto travel and explore new places.
Corporate Comm India(CCI Newswire)