GoM structured under the GST regime boosting the Real Estate Sector at gross
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New Delhi, January 16: A Group of Members in pursuance of 32nd GST council meet got executed yesterday with the panel being headed by Gujarat Deputy Chief Minister Nitin Patel. The seven membered GoM will be reviewing the real estate sector under the GST regime developing the composition scheme to boost the Residential Construction Units amongst the rest.
“Terms of Reference (ToR) for the GoM for boosting Real Estate Sector include analysing tax rate of GST, including inter-alia issues and challenges in view of the proposal for boosting Real Estate Sector under GST regime by providing a Composition Scheme for residential construction units.”, reported the statement.
Other than Nitin Patel of Gujarat heading the GoM, Finance Ministers of other six states are planned to be part of the group. Sudhir Mungantiwar, Krishna Byre Gowda, Dr T.M.Thomas Issac, S. Badal, Rajesh Aggarwal and Mauvin Godinho, Panchayat Minister, Goa are it’s Members.
In the series of tweets posted by the Finance Ministry, the GST holders for the real estate sector were informed that, the Terms of Reference include examination and suggest ways for Composition Scheme or any other Scheme, for boosting real estate sector and suggest scheme for transition vis-a-vis introduction of suggested Scheme. “Also the levy of GST on Transfer of Development Rights (TDR) and Development Rights in a Joint Development Agreement and suitable model will be monitored”, it said further.
“ToR also constitutes to examine the legality of inclusion and exclusion of land or any other ingredient, in composition and suggest valuation mechanism and suggest the aspects relevant to boost Real Estate Sector, which may be brought to the notice of GoM”, the Ministry tweeted in relation.