GoM to review GST on JDA in real estate sector, Council to meet on September 9
Amid an ongoing legal battle on GST’s application on Joint Development Agreement (JDA) in the real estate sector, the GST Council is expected to look into the issue, as suggested by the Group of Ministers, on September 9.
“A Group of Ministers (GoM) on is likely to meet this week. One of the key terms of reference is to examine various aspects of GST levied on the transfer of development rights in the Joint Development Agreement and suggest a suitable model. Based on the recommendations of this GoM, the GST Council will consider various options,” a senior Government official said. The Council is scheduled to meet on September 9.
The seven-member GoM will be convened by Goa Chief Minister, Parmod Sawant with Deputy Chief Ministers of Maharashtra and Bihar, Ajit Pawar and Samrat Choudhary, serving as members. Other members include Suresh Khanna (Finance Minister, Uttar Pradesh), Harpal S Cheema (Finance Minister, Punjab), Kanubhai Desai (Finance Minister, Gujarat) and K N Balagopal (Finance Minister, Kerala). The GoM has also been asked to examine and suggest composition scheme or any other scheme, to boost the real estate sector. It also has to examine the legality of land or any other ingredient, in composition and suggest valuation mechanism.
