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.
Related News Articles
Raymond Unlocks Value with Demerger of Real Estate Business into Raymond Realty
Raymond announces demerger of its Real Estate Business into Raymond Realty, paving the way for separate listings on stock exchanges.
Bombay High Court Orders Special Drive to Remove Illegal Hoardings Before Maharashtra Assembly Elections 2024
Mumbai: The Bombay High Court has directed civic authorities in Maharashtra to undertake a special drive to remove illegal hoardings and banners ahead of the assembly elections. The court has also warned political parties to adhere to their commitments to
India's Affordable Housing Demand to Surge to 312 Lakh Units by 2030: CII-Knight Frank Report
The cumulative demand for affordable housing in India is projected to reach 312 lakh units by 2030, with a potential market size of ₹67 trillion. The report by Confederation of Indian Industry (CII) and Knight Frank highlights the existing shortage and th
Ranveer Singh's Spectacular Net Worth: Real Estate, Luxury Cars, and Extravagant Wardrobe
Ranveer Singh, one of Bollywood's most dynamic actors, and his wife, Deepika Padukone, live in a lavish 5BHK apartment in Beaumonde Towers, Worli, Mumbai, valued at Rs 40 crore. Their net worth and lifestyle are a testament to their success in the film in
Stocks in the Spotlight: Prestige Estates, Senores Pharma, RIL, and More
Prestige Estates Projects, a prominent real estate developer in the south, has made significant moves by transferring three of its hospitality ventures to its subsidiary, Prestige Hospitality. Here’s a closer look at the latest developments in the stock m
EMAAR India Unveils Urban Ascent in Gurugram: A New Urban Lifestyle
EMAAR India, a leading real estate developer, has launched its latest project, Urban Ascent, in the bustling city of Gurugram. This new residential and commercial development promises to redefine urban living with its modern amenities and strategic locati