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.
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.
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