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Government forms GoM for GST issues in real estate

IANS  |  New Delhi 

The Centre on Tuesday constituted a seven-member Group of Ministers (GoM) to look into (GST)-related issues of the

Nitin Patel, the of Gujarat, would head the which would analyse the rate of on the under-construction residential properties for boosting the realty segment, a statement said.

Among the issues concerning the sector, a major subject is the rate on under-construction residential properties. There have been demand from many quarters to slash the rate on the segment to 5 per cent from the current 12 per cent.

The members of the are of five states -- Sudhir Mungantiwar of Maharashtra, Krishna Byre Gowda, Kerala, T.M. Thomas Isaac, Karnataka, Manpreet Singh Badal, Punjab and of of Panchayat Mauvin Godinho is also a member.

As per the Ministry, the would "examine and suggest ways for composition scheme or any other scheme, for boosting and suggest scheme for transition vis-a-vis introduction of suggested scheme".

As per the terms of reference, it would also examine various aspects of levy of on Transfer of Development Rights (TDR) and Development Rights in a joint development agreement and suitable model.

The GoM would further examine the legality of inclusion or exclusion of land or any other ingredient, in composition and suggest valuation mechanism.

The Union appointed Manish Sinha, (TRU-II), Central Board of and Customs, as to the GoM, the statement said.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 15 2019. 20:12 IST
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