Boosting Real Estate: CM Pramod Sawant to Lead GST Panel
The Central government has appointed Chief Minister Pramod Sawant as the Convener of the reconstituted Group of Ministers to promote the real estate sector under the GST regime.
Real EstateGstPramod SawantGoods And Services TaxProperty SectorReal EstateJun 26, 2024
The Chief Minister took to social media to express his gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for the appointment, stating that he will make a sincere effort to live up to the trust they have reposed in him.The reconstituted committee comprises six members, including Deputy Chief Ministers Ajit Pawar (Maharashtra) and Samrat Choudhary (Bihar), Minister for Finance and Parliamentary Affairs (Uttar Pradesh) Suresh Kumar Khanna, Minister for Finance, Planning, Programme Implementation, Excise & Taxation (Punjab) Harpal Singh, Minister for Finance,
Energy and Petrochemicals (Gujarat) Kanubhai Desai, and Minister for Finance (Kerala) K N Balagopal.The real estate sector has been facing several challenges in recent times, including slowdown in demand, liquidity crunch, and regulatory issues. The reconstitution of the GST panel is expected to provide a much-needed boost to the sector, which is a significant contributor to the country's GDP.he GST regime, which was introduced in 2017, has had a significant impact on the real estate sector. While it has simplified the tax structure, it has also led to several challenges, including the imposition of GST on under-construction properties and the input tax credit mechanism.The reconstituted GST panel, led by Chief Minister Pramod Sawant, is expected to address these challenges and provide a framework for the growth and development of the real estate sector.
Frequently Asked Questions
What is the purpose of the reconstituted GST panel for real estate?
The purpose of the reconstituted GST panel is to promote the real estate sector under the GST regime and address the challenges faced by the industry.
Who has been appointed as the Convener of the reconstituted GST panel?
Chief Minister Pramod Sawant has been appointed as the Convener of the reconstituted GST panel.
What are the challenges faced by the real estate sector under the GST regime?
The real estate sector has been facing challenges such as slowdown in demand, liquidity crunch, and regulatory issues under the GST regime.
What is the expected impact of the reconstituted GST panel on the real estate sector?
The reconstituted GST panel is expected to provide a much-needed boost to the real estate sector, which is a significant contributor to the country's GDP.
What is the composition of the reconstituted GST panel?
The reconstituted GST panel comprises seven members, including Chief Minister Pramod Sawant as the Convener, and six other members from different states.
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