Goemkarponn desk
PANAJI: The fourth meeting of the Group of Ministers on boosting the Real Estate Sector is conducted in Goa to deliberate various issues pertaining to the Real Estate Sector.
The issues pertaining to the grant of GST exemption on the long-term lease of land by a private entity and sector-specific exemptions such as for tourism purposes were discussed at length.
The Group of Ministers unanimously agreed and recommended that no further exemption is required. GST at applicable rates will continue to be levied on the same.
There were certain other issues pertaining to the taxability of the 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 a final decision in the next GoM meeting.
On reviewing the value limit of Rs. 45 lakhs 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 the sale of apartments has been deferred for further examination. The next meeting of GoM is likely to be held on 25.10.2024.
