Boosting the Real Estate Sector under GST: Chief Minister Pramod Sawant to Head GoM
Chief Minister Pramod Sawant has been appointed convener of the Group of Ministers (GoM) to boost the real estate sector under the GST regime.
Real EstateGstPramod SawantGroup Of MinistersGoods And Services Tax CouncilReal Estate NewsJun 26, 2024
As a permanent member of the GST council, Sawant recently took charge of his seat, replacing Minister Mauvin Godinho, who had been deputed from Goa for the past six years. The GoM, headed by Sawant, consists of prominent ministers from various states, including Maharashtra Deputy Chief Minister Ajit Pawar, Bihar Deputy Chief Minister Samrat Choudhary, and Minister for Finance and Parliamentary Affairs, Uttar Pradesh Suresh Kumar Khanna, among others.
The terms of reference for the GoM include analyzing the tax rate of GST, examining issues related to the proposal for boosting the real estate sector, and suggesting ways to implement a composition scheme or any other scheme to revitalize the sector. The group will also examine various aspects of levy of GST on transfer of development rights (TDR) and development rights in a joint development agreement, and suggest a suitable model. Additionally, the GoM will examine the legality of inclusion/exclusion of land or any other ingredient in composition and suggest a valuation mechanism.
The appointment of Sawant as the convener of the GoM is a significant step towards boosting the real estate sector, which has been facing challenges under the GST regime. The sector has been seeking relief in the form of a composition scheme, which would provide a simpler tax regime and reduce the burden of compliance.
With the formation of the GoM, the real estate sector is hoping for a positive outcome, which would lead to increased growth and development in the sector. The sector is a significant contributor to the country's GDP, and any relief provided to it would have a cascading effect on the overall economy.
About Goods and Services Tax Council The Goods and Services Tax Council is a constitutional body that decides on the GST rates and laws. The council is headed by the Union Finance Minister and comprises the Finance Ministers of all states.
About Pramod Sawant Pramod Sawant is the Chief Minister of Goa and a permanent member of the GST council. He has been instrumental in promoting the real estate sector in Goa and has been working towards providing relief to the sector under the GST regime.
Frequently Asked Questions
What is the main objective of the Group of Ministers (GoM) headed by Pramod Sawant?
The main objective of the GoM is to analyze the tax rate of GST and examine issues related to the proposal for boosting the real estate sector under the GST regime.
Who are the members of the GoM headed by Pramod Sawant?
The members of the GoM include prominent ministers from various states, including Maharashtra Deputy Chief Minister Ajit Pawar, Bihar Deputy Chief Minister Samrat Choudhary, and Minister for Finance and Parliamentary Affairs, Uttar Pradesh Suresh Kumar Khanna, among others.
What is the significance of the composition scheme for the real estate sector?
The composition scheme would provide a simpler tax regime and reduce the burden of compliance for the real estate sector, leading to increased growth and development in the sector.
What is the role of the Goods and Services Tax Council in the GST regime?
The Goods and Services Tax Council is a constitutional body that decides on the GST rates and laws, and is headed by the Union Finance Minister and comprises the Finance Ministers of all states.
Why is the real estate sector significant for the country's economy?
The real estate sector is a significant contributor to the country's GDP, and any relief provided to it would have a cascading effect on the overall economy.
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