Home National Govt constitutes GoM to boost real estate sector under GST regime

Govt constitutes GoM to boost real estate sector under GST regime

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Government has constituted a seven-member Group of Ministers (GoM) to boost real estate sector under GST regime. Deputy Chief Minister of Gujarat Nitin Patel will be the convener of the GoM. Finance Ministers of Maharashtra, Karnataka, Kerala, Punjab and Uttar Pradesh and the Panchayat Minister of Goa will be the members.

In its meeting last week, the GST Council had decided to set up the GoM. The committee will examine legality of inclusion and exclusion of land or any other ingredient, in composition and suggest valuation mechanism.

It will also examine various aspects of levy of GST on Transfer of Development Rights and Development Rights in a Joint Development Agreement.

Besides, the GoM will also examine and suggest ways for composition scheme or any other scheme, to boost the sector.

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