GoM meeting in Goa: No consensus on GST proposals for real estate sector
A Group of Ministers (GoM) meeting held in Goa on Tuesday could not reach consensus on most proposals regarding the goods and services tax (GST) for the real estate sector, sources said.
The GoM, chaired by Goa Chief Minister Pramod Sawant, deferred the proposal to exempt GST on long-term leases granted to the tourism sector, favouring states that declare tourism as an infrastructure sector to facilitate exemptions, the sources added.
“Around 12 states have given infrastructure status to the tourism sector to enable tax exemptions, although no final decision was made today (Tuesday). We may reconvene to discuss real estate issues again,” said the sources.
Real estate had several major issues that require further details. “However, the GoM has deferred the decision on exempting GST on the redevelopment of buildings in cooperative housing societies on an ownership basis. The panel has also postponed the decision regarding the preferential treatment of free houses allotted to slum dwellers in slum redevelopment projects,” the sources added.
