patna asserting that goods and services tax gst would be implemented from july 1 union revenue secretary hasmukh adhia on saturday said real estate prices would fall once the new tax regime comes into force in the countryaddressing a town hall meeting at s k memorial hall here adhia said the gdp of the country would rise by 2 with implementation of gst which would in turn lead to creation of lakhs of new job opportunities in the country presently 45 service tax and 5 vat is charged on real estate transactions wile the gst in real estate sector is proposed to be 125 though there is a rise of 3 in the overall tax slab the developers would also get several tax credits under gst which would make the properties cheaper adhia saidhe added gst would not be applicable for sale of flats in those real estate projects which have been issued completion certificateadhia said 23 types of cess of the central government and several other kinds of cess charged by the state government would abolish following implementation of gst though some commodities might get expensive no extra tax would be added to most consumer durables he addedadhia said there would be no need of integrated check posts on state borders following implementation of gst jharkhand and uttar pradesh have already abolished state border integrated check posts and we expect that most other states would soon do the same it has been estimated that trucks waste around 35 of their total travel time at the check posts said adhiastate commercial taxes department minister bijendra prasad yadav said bihar government too has proposed to abolish its integrated interstate check posts and a formal proposal in this regard has already been submitted to the state cabinetspeaking on the issue of migration of individuals from vat to gst adhia said digital verification would not be required for them as needed for companies when the next phase of migration starts from june 25 he added the provisional gst numbers would act as the final gst number in order to ease the migration processthe union revenue secretary said overall tax on purchase of coal is proposed to be reduced from 11 at present to 6 under gst which would lead to reduction in production cost in power and several heavy industriesadhia said whenever tax on inputs would be more than tax on finished products and services the additional tax would be refunded to manufacturers or service providers except textile fabric