Real estate GoM meets on Sept 24 in Goa to discuss GST levy on properties
As the government gears up for the 55th GST Council meeting, likely to take place in November 2024, the council's nominated Group of Ministers (GoM) has begun holding meetings. The GoM on "boosting the real estate sector under GST," headed by Pramod Sawant, Chief Minister of Goa, is scheduled to meet on September 24.
Sources say the meeting is likely to address several pressing points and priority areas highlighted in past GoM meetings. Based on these discussions, the 54th GST Council, held in New Delhi on September 9, had asked the GoM to return with more detailed deliberations.
Among the key issues on the agenda is the "treatment of GST on property purchased in group housing or commercial setups built by a builder." The question before the GoM is whether GST should be charged on the comprehensive payment made to the builder or only on the cost of construction, excluding the cost of land," sources said.
