GST Exemptions for Real Estate Sector Under Review

The Group of Ministers (GoM) met in Goa to discuss GST exemptions in the real estate sector. The GoM decided not to grant further exemptions on long-term land leases by private entities. Various related issues were also deliberated, with the next meeting scheduled for October 25.

In a significant meeting held in Goa, the Group of Ministers (GoM) decided against granting further GST exemptions on the long-term lease of land by private entities, emphasizing the importance of maintaining applicable tax rates.

Hosted by Goa Chief Minister Pramod Sawant, the gathering saw participation from prominent officials like Bihar Deputy CM Samrat Choudhary and Maharashtra Minister Aditi Tatkare. Various issues, including the taxation of construction services by co-operative housing societies, were discussed comprehensively.

With the next meeting set for October 25, the GoM plans to gather further data and inputs from multiple states to finalize decisions on other pending matters, including the value limit for affordable residential apartments and the valuation of land in construction services.

(With inputs from agencies.)