No Further exemption in GST for long term land lease: GoM

The fourth meeting of the Group of Ministers on boosting the real estate sector held in Goa has decided no further exemption in GST should be granted on long term lease of land by private entity and sector specific exemption such as for tourism purposes. Goa Chief Minister Pramod Sawant hosted the meeting of the Group of Ministers (GoM) on Tuesday. Bihar Deputy Chief Minister Samrat Choudhary, Maharashtra Women and Child Development Minister Aditi Tatkare, Gujarat Finance Minister Kanubhai Mohanlal Desai, his Kerala counterpart K N Balagopal, Punjab Finance Minister Harpal Singh Cheema, Uttar Pradesh Finance Minister Suresh Kumar Khanna, central government GST officials were among those who attended the meet. A media statement issued after the meeting said there were deliberations on various issues pertaining to the real estate sector. On reviewing the value limit of Rs 45 lakh for the definition of affordable residential apartment for a metropolitan region, it was decided that Pradesh, Maharashtra and Delhi need to be taken to arrive at a consensus on the issue. The issue related to determining the value of land for arriving at the value of construction services in case of sale of apartments has been deferred for further examination. The next meeting of GoM is likely to be held on October 25.
 

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