Goa CM Supports Minimal GST on Housing, Gets Backing from Ministers
Chief Minister Pramod Sawant stated that the recently reconstituted group of ministers (GoM) on the real estate sector believed that the Goods and Services Tax (GST) on housing should be minimal.
Goa CmPramod SawantMinimal GstHousingReal Estate SectorReal EstateAug 27, 2024
The GoM, which was reconstituted in August 2022, is tasked with suggesting ways to boost the real estate sector. The group has been holding discussions with various stakeholders, including developers, builders, and consumer groups, to understand their concerns and suggestions.
Sawant's statement comes at a time when the real estate sector is facing a slowdown due to various factors, including high GST rates. The sector has been demanding a reduction in GST rates to make housing more affordable for consumers.
The Goa government has also been facing pressure from the opposition to reduce GST rates on housing. The opposition has been arguing that high GST rates are making housing unaffordable for the common man.
Sawant's statement is seen as a positive move by the real estate sector, which has been demanding a reduction in GST rates. The sector hopes that the Goa government will take concrete steps to reduce GST rates and make housing more affordable for consumers.
Information
The Goods and Services Tax (GST) is a consumption-based tax that was introduced in India in 2017. The tax is levied on the supply of goods and services, and is payable by the consumer. The GST rate on housing is currently 12%, which is higher than the rate of 5% that was applicable before the introduction of GST.
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Frequently Asked Questions
What is the current GST rate on housing?
The current GST rate on housing is 12%.
What is the demand of the real estate sector regarding GST rates?
The real estate sector is demanding a reduction in GST rates to make housing more affordable for consumers.
What is the role of the GoM on the real estate sector?
The GoM is tasked with suggesting ways to boost the real estate sector.
What is the opposition's stance on GST rates on housing?
The opposition is arguing that high GST rates are making housing unaffordable for the common man.
What is the expectation of the real estate sector from the Goa government?
The sector hopes that the Goa government will take concrete steps to reduce GST rates and make housing more affordable for consumers.
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