The Group of Ministers has decided to continue levying GST at applicable rates on the real estate sector, with no further exemptions.
GstReal EstateGroup Of MinistersTaxationAffordable HousingReal EstateSep 25, 2024
The GoM unanimously agreed and recommended that no further exemption is required and that GST at applicable rates will continue to be levied on the same.
The meeting discussed issues related to the grant of Goods and Service Tax (GST) exemption on the long-term lease of land by private entities and sector-specific exemptions, such as for tourism purposes.
The Committee of Officers will examine these issues after obtaining relevant information and data from the states before taking a final decision in the next GoM meeting.
The current value limit is Rs 45 lakh, but the GoM has decided to take inputs from states to arrive at a consensus on the issue.
The next meeting of the GoM is likely to be held in Gujarat on October 25.
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