By Accommodation Times Bureau
In pursuance of the decision in the 32nd Meeting of GST Council held on January 10, 2019, at New Delhi, a Group of Ministers (GoM) for boosting the Real Estate Sector under the GST regime has been constituted.
The ‘GoM for boosting Real Estate Sector under the GST regime’ shall consist of the following members:
|Sl. No.||Name||Designation and State|
|1||Nitin Patel||Hon’ble Deputy Chief Minister, Government of Gujarat||Convener|
|2||Sudhir Mungantiwar||Hon’ble Finance Minister, Government of Maharashtra||Member|
|3||Krishna Byre Gowda||Hon’ble Finance Minister, Government of Karnataka||Member|
|4||Dr T.M. Thomas Isaac||Hon’ble Finance Minister, Government of Kerala||Member|
|5||Manpreet Singh Badal||Hon’ble Finance Minister, Government of Punjab||Member|
|6||Rajesh Agarwal||Hon’ble Finance Minister, Government of Uttar Pradesh||Member|
|7||Mauvin Godinho||Hon’ble Minister of Panchayat, Government of Goa||Member|
The Terms of Reference (ToR) for the GoM for boosting Real Estate Sector under GST regime shall be as follows:
-Analyse tax rate of GST, including inter-alia issues/challenges in view of the proposal for boosting the Real Estate Sector under GST regime by providing a Composition Scheme for Residential Construction Units, referred to GoM in 32ndMeeting of GST Council held on Januar 10.
-Examine 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;
-Examine various aspect of levy of GST on Transfer of Development Rights (TDR) and Development Rights in a Joint Development Agreement and suitable model;
-Examine legality of inclusion/exclusion of land or any other ingredient, in Composition and suggest Valuation Mechanism;
-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 Conveners of Law Committee and Fitment Committee will assist the GoM.
-The Secretary for the GoM for boosting the Real Estate Sector under GST regime shall be Shri Manish Sinha, Joint Secretary (TRU-II), CBIC.
-This issues with the approval of the Union Finance Minister and Chairperson, GST Council.