GoM Meeting in Goa Decides No Further GST Exemptions for Long-Term Land Leases

Last updated: 27 September 2024

Quick Summary
A recent Group of Ministers (GoM) meeting in Goa has decided to maintain the current Goods and Services Tax (GST) rules for long-term land leases. This means there will be no new exemptions for private entities, even for specific sectors like tourism. The meeting also discussed other real estate tax matters, with further discussions planned for October.

The fourth meeting of the Group of Ministers (GoM) on boosting the real estate sector, hosted by Goa Chief Minister Pramod Sawant on September 24, 2024, concluded with a key decision to maintain the existing Goods and Services Tax (GST) regime. The GoM ruled out any further exemptions for long-term land leases by private entities, including sector-specific exemptions for tourism purposes.

No New GST Exemptions for Long-Term Land Leases

The meeting presided by the Department of Commercial Tax, which was attended by Bihar Deputy CM Samrat Chaudhary and Maharashtra Minister Aditi Tatkare among others clarified that GST at the applied rate will remain for long term tenancy. Some of the other important matters under deliberation were the taxability of construction and exertion services by cooperative societies of housing and the ₹45 lakh affordable house value ceiling. The details of wages gathered from further discussions and the contribution of states would be collected before the next meeting on 25th October, 2024.

FAQ :

The Group of Ministers (GoM) decided to maintain the existing Goods and Services Tax (GST) regime and ruled out any further exemptions for long-term land leases by private entities.

No, the GoM ruled out any sector-specific exemptions, including those for tourism purposes, for long-term land leases.

The meeting was hosted by Goa Chief Minister Pramod Sawant.

Other important matters under deliberation included the taxability of construction and exertion services by cooperative societies of housing and the ₹45 lakh affordable house value ceiling.

The next meeting is scheduled for 25th October, 2024.



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