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The Group of Ministers’ (GoM) discussions on real estate on Thursday remained inconclusive. The group will meet one more time before making suggestions.
The GoM, under the convenorship of the Chief Minister of Goa, Pramod Sawant, is assigned to make suggestions at the meeting on various issues related with GST mechanism for the real estate sector. One of the key terms of reference is to examine various aspects of GST levied on the transfer of development rights in the Joint Development Agreement and suggest a suitable model. Based on the recommendations of this GoM, the GST Council will consider various options.
The issue of GST is tangled in various litigations. Earlier in February, the Telangana High Court had dismissed a writ petition filed by a realtor challenging GST on ‘transfer of land development rights’ (TDR) on a JDA for residential projects. This held valid the notification that imposed GST on JDA. The matter has now reached the Supreme Court, where the ruling has been challenged. In its first hearing, the apex court did not grant a stay on the GST. Next date of hearing is September 9.
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