New Delhi, Jan. 31: The survey today pitched for the inclusion of land and real estate in the goods and services tax (GST), likely to be rolled out from July and expected to push growth to 8-10 per cent.

"GST will create a common Indian market, improve tax compliance and governance, and boost investment and growth. It is also a bold new experiment in the governance of India's co-operative federalism," the survey tabled in Parliament said.

"The survey brings back the age-old demand of a stable tax regime and widening of the tax base, including bringing real estate under GST," Jaijit Bhattacharya, partner (strategy and economics), KPMG in India, said.

It said the reduction of tax rates and stamp duties and inclusion of land and real estate in GST would help to derive the full benefit of demonetisation and allow growth to bounce back in 2017-18. There is also a need to allay concerns about an overzealous tax administration.

The survey termed the constitutional bill that enabled GST as "transformational" but rued that there was not enough pressure from the states to keep the tax rates low and simple.

"It appears that GST will probably be implemented later in the fiscal," the survey said, adding that "the transition to GST is so complicated from an administrative and technology perspective that revenue collection will take some time to reach full potential".

Naushad Forbes, president of the Confederation of Indian Industry (CII), said, "The implementation of GST will be a game-changer, which will result in a common market, improve tax compliance and help realise the vision of Make in India. The CII welcomes the survey's recommendation that real estate and land be brought under GST."

"The fiscal gains from implementing GST and demonetisation, while almost certain to occur, will probably take time to be fully realised." The survey said.

Also, concerns about ensuring low tax rates for essentials risk creating an unduly complicated structure with multiple and excessively high peak rates.