7 Member GOM constituted for boosting Real Estate Sector under GST : News

7 Member GOM constituted for boosting Real Estate Sector under GST : News

A 7-Member Group of Ministers (GOM) has been constituted for boosting Real Estate Sector under GST regime in pursuance of the decision taken in the 32nd GST Council Meeting held on 10th January, 2019 in New Delhi.

Shri Nitin Patel, Dy CM,Gujarat will be the Convener of GOM. Sh. Sudhir Mungantiwar, FM, Maharashtra, Sh. Krishna Byre Gowda, FM, Karnataka, Dr. T.M.Thomas Issac, FM, Kerala, Sh.M.S. Badal, FM, Punjab, Sh. Rajesh Aggarwal, FM, U.P. & Sh. Mauvin Godinho, Panchayat Minister, Goa are its Members

Terms of Reference (ToR) for the GoM for boosting Real Estate Sector include analyse tax rate of GST, including inter-alia issues/challenges in view of proposal for boosting Real Estate Sector under GST regime by providing a Composition Scheme for residential construction units

Other terms of Reference include

1.) Examination and suggest ways for Composition Scheme or any other Scheme, for boosting real estate sector and suggest scheme for transition vis-a-vis introduction of suggested Scheme;

2.) Examination of various aspect of levy of GST on Transfer of Development Rights (TDR) and Development Rights in a Joint Development Agreement and suitable model;

3.) Examine legality of inclusion/exclusion of land or any other ingredient, in composition and suggest valuation mechanism;

4.) To examine and suggest any other aspect relevant to boost Real Estate Sector, which may be brought to the notice of GoM.

The GoM for boosting Real Estate Sector under GST regime may invite officers from the Centre and the States, as may be required. The Convenors of Law Committee and Fitment Committee will assist the GoM.