GST Regime: GoM Established to Boost Real Estate Sector with Chief Minister Pramod Sawant at the Helm
Chief Minister Pramod Sawant has been appointed as the convener of the Group of Ministers (GoM) to boost the real estate sector under the GST regime.
Gst RegimeReal Estate SectorGroup Of MinistersChief Minister Pramod SawantGoods And Services Tax CouncilReal EstateJun 26, 2024
As a permanent member of the GST Council, Sawant has taken 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 primary objective of the GoM is to examine the tax rate of GST and suggest ways to boost the real estate sector under the GST regime. The group will analyze issues and challenges faced by the sector and propose a composition scheme or any other scheme to promote the growth of the industry. Additionally, the GoM will 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 for the same.
The GoM will also examine the legality of inclusion/exclusion of land or any other ingredient in composition and suggest a valuation mechanism. Furthermore, the group will consider any other aspect relevant to boosting the real estate sector that may be brought to its notice.
The establishment of the GoM is a significant step towards promoting the growth of the real estate sector in India, which has been facing challenges in recent times. With Chief Minister Pramod Sawant at the helm, the GoM is expected to provide a boost to the sector and contribute to the overall economic growth of the country.
Information
The Goods and Services Tax (GST) is a comprehensive indirect tax system implemented in India in 2017. It has replaced various indirect taxes, including sales tax, service tax, and excise duty. The GST Council, headed by the Union Finance Minister, is responsible for making decisions related to the GST regime.
The Government of Goa is the state government of Goa, a state located in western India. The government is headed by the Chief Minister, who is responsible for implementing policies and decisions related to the state.
The Government of Maharashtra is the state government of Maharashtra, a state located in western India. The government is headed by the Chief Minister, who is responsible for implementing policies and decisions related to the state.
The Government of Bihar is the state government of Bihar, a state located in eastern India. The government is headed by the Chief Minister, who is responsible for implementing policies and decisions related to the state.
The Government of Uttar Pradesh is the state government of Uttar Pradesh, a state located in northern India. The government is headed by the Chief Minister, who is responsible for implementing policies and decisions related to the state.
The Government of Punjab is the state government of Punjab, a state located in northern India. The government is headed by the Chief Minister, who is responsible for implementing policies and decisions related to the state.
The Government of Gujarat is the state government of Gujarat, a state located in western India. The government is headed by the Chief Minister, who is responsible for implementing policies and decisions related to the state.
The Government of Kerala is the state government of Kerala, a state located in southern India. The government is headed by the Chief Minister, who is responsible for implementing policies and decisions related to the state.
Frequently Asked Questions
What is the primary objective of the Group of Ministers (GoM) established under the GST regime?
The primary objective of the GoM is to analyze the tax rate of GST and suggest ways to boost the real estate sector under the GST regime.
Who is the convener of the Group of Ministers (GoM) established under the GST regime?
Chief Minister Pramod Sawant is the convener of the Group of Ministers (GoM) established under the GST regime.
What are the key responsibilities of the Group of Ministers (GoM) established under the GST regime?
The key responsibilities of the GoM include analyzing the tax rate of GST, suggesting ways to boost the real estate sector, examining various aspects of levy of GST on transfer of development rights, and suggesting a valuation mechanism.
What is the composition of the Group of Ministers (GoM) established under the GST regime?
The GoM consists of prominent ministers from various states, including Maharashtra, Bihar, Uttar Pradesh, Punjab, Gujarat, and Kerala.
What is the significance of the establishment of the Group of Ministers (GoM) under the GST regime?
The establishment of the GoM is a significant step towards promoting the growth of the real estate sector in India, which has been facing challenges in recent times.
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