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.
Related News Articles
Hyderabad on the Verge of a Major Real Estate Boom
Telangana Civil Supplies and Irrigation minister N Uttam Kumar Reddy predicts a significant boom in Hyderabad's real estate and construction industry
Gurugram's Ashiana Amarah Project Sees 25% Price Hike in Under a Year, More Increases Expected
Ashiana Housing's Gurugram project sees 25% price hike in under a year, with further increases expected. Varun Gupta, Director of Ashiana Housing, projects 10% higher price for remaining 112 units in Phase 4.
Rajesh Kannan of Standard Chartered Bank on Where the Ultra-Rich Invest
Rajesh Kannan, MD, Head Global Indian at Standard Chartered Bank, shares insights into the investment trends of the ultra-wealthy, focusing on real estate, gold, and diversified global markets.
Ultra-Luxury Home Sales: Hyderabad and Bengaluru Secure Two Deals Each in 2024
Hyderabad and Bengaluru each record only two ultra-luxury home sales, priced over Rs 40 crore, in 2024 amidst a significant surge in luxury property demand.
Hrithik Roshan Renews Lease for Commercial Space in Pune's Kharadi
Hrithik Roshan has extended his lease for a commercial property at the World Trade Centre in Kharadi, Pune. The renowned Bollywood actor has agreed to pay a monthly rent of ₹6.08 lakh for the continued use of the space.
Mantra Real Estate Ventures into Luxury with New Burgundy Project
Pune-based real estate leader Mantra has marked a transformative year by launching Burgundy, a new luxury residential project. This expansion underscores the company's commitment to premium living and marks a significant milestone in its financial year.