Goa Chief Minister Pramod Sawant hosted the Group of Ministers (GoM) meeting on Tuesday. File | Photo Credit: ANI
The fourth meeting of the Group of Ministers on developing the real estate sector held in Goa decided that no additional exemption from GST should be given to long-term lease of land by private sector and sector-specific exemptions such as tourism purposes.
Goa Chief Minister Pramod Sawant hosted the Group of Ministers (GoM) meeting on Tuesday, September 24, 2024.
Also Read: Goa’s green design heroes
Bihar Deputy Chief Minister Samrat Choudhary, Maharashtra Women and Child Development Minister Aditi Tatkare, Gujarat Finance Minister Kanubhai Mohanlal Desai, Kerala counterpart KN Balagopal, Punjab Finance Minister Harpal Singh Cheema, Uttar Pradesh Finance Minister u -Suresh Kumar Khanna, Government GST officials. among those who attended the meeting.
A statement issued after the meeting said that various issues related to the housing sector were discussed.
“Issues related to GST (Goods and Services) tax exemption on long-term lease of land by private companies and special sector exemptions such as for tourism purposes were discussed at length,” it said.
“The Group of Ministers unanimously agreed and suggested that the release is no longer necessary. GST at applicable rates will continue to be levied the same,” the statement said.
“There were other specific issues related to the taxation of the provision of construction services by cooperative housing associations to their members for new projects or development projects, which were thoroughly discussed,” the statement said.
“There were different opinions during the discussion and a decision was taken that these issues must be discussed in detail after getting the relevant information from the countries,” said the newspaper.
It was also decided that the Committee of Officials will examine all these issues after getting relevant information/data from the states before taking a final decision in the next GoM meeting.
While revising the price limit of ₹45 lakh for the definition of an affordable apartment in a metropolitan area, it was decided that inputs from the States of Karnataka, West Bengal, Tamil Nadu, Uttar Pradesh, Maharashtra and Delhi should be taken up. agreeing on the issue.
The issue related to determining the value of the land that will come with the amount of construction work in the event of the sale of the apartments has been postponed for further investigation, said the statement.
The next GoM meeting is likely to be held on October 25.
Published – September 25, 2024 10:08 am IST