15 JAN 2019 – The government constitutes 7 member group committee under GST regime to study Real estate sector. This has come into effect after the Decision of GST council meeting held on 10.01.2019. The government is trying to boost the Real estate sector by providing a composition scheme.
However, this scheme will be applicable only to the Residential Construction Units who are going to build homes for people. Therefore, the group of the minister(GOM) will study the scheme and then it may come into effect.
Who are the group of ministers in this committee
There are total 7 members in this committee.
- Nitin Patel – Gujarat
- Sudhir Mungantiwar – Maharashtra
- Krishna Byre Gowda – Karnataka
- T.M. Thomas Isaac – Kerala
- Manpreet Singh Badal – Punjab
- Rajesh Agarwal – Uttarpradesh
- Mauvin Godinho – Goa
The scope of study or Investigation
Group of ministers is going to:
- Analyze tax rate of GST
- Observe and suggest ways for Composition Scheme
- Examine various parts of levy of GST on Transfer of Development Rights (TDR) and Development Rights.
- Study the legality of inclusion/exclusion of land or any other ingredient, in Composition and suggest Valuation Mechanism
- Scrutinize and suggest any other aspect relevant to boost Real Estate Sector.
- Invite officers from the Centre and the States, as may be required.
- The Secretary of GOM shall be Shri Manish Sinha, Joint Secretary (TRU-II), CBIC.
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