Govt. forms GoM for Real Estate GST regime |
The real estate sector has been facing the slump from quite some time. In order to revive the real estate sector and to encourage the developers Government has constituted a seven-member Group of Ministers to boost the real estate sector under the GST regime. The committee will examine legality of inclusion and exclusion of land or any other ingredient, in composition and suggest valuation mechanism. The Group of Ministers will also examine and suggest ways for composition scheme or any other scheme, to boost the sector. It will also examine various aspects of levy of GST on Transfer of Development Rights and Development Rights in a Joint Development Agreement. Finance Ministers of Maharashtra, Karnataka, Kerala, Punjab and Uttar Pradesh and the Panchayat Minister of Goa will be the members. Deputy Chief Minister of Gujarat Nitin Patel will be the convener of the Group. The decision to set up this special group of ministers was taken in the GST council meeting last week.
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