Team Herald
PANJIM: The fourth meeting of the Group of Ministers (GoM) on boosting the real estate sector under GST regime held in Panjim on Tuesday, unanimously agreed and recommended that no further exemption is required and that GST at applicable rates will continue to be levied on the same.
The meeting chaired by GoM convenor and Chief Minister Pramod Sawant deliberated various issues pertaining to the real estate sector.
The issues pertaining to grant of Goods and Service Tax (GST) exemption on the long term lease of land by private entity and sector specific exemption such as for tourism purposes was discussed at length. The GoM unanimously agreed and recommended that no further exemption is required and that GST at applicable rates will continue to be levied on the same.
There were certain other issues pertaining to taxability of supply of construction services by Co-operative Housing Societies to its members in a new project or redevelopment projects, which were discussed comprehensively. Various views emerged during the discussion and it was decided that these issues need to be deliberated further after obtaining the relevant data from the States. It was also decided that the Committee of Officers shall examine all these issues after obtaining relevant information/data from the States before taking final decision in the next GoM meeting, states a press release.
On reviewing the value limit of Rs 45 lakh for the definition of affordable residential apartment for a metropolitan region, it was decided that the inputs from the States of Karnataka, West Bengal, Tamil Nadu, Uttar Pradesh, Maharashtra and Delhi need to be taken to arrive at a consensus on the issue. The issue related to determining the value of land for arriving at the value of construction services in case of sale of apartments has been deferred for further examination.
The next meeting of GoM is likely to be held in Gujarat on October 25.