CM: No further GST exemption suggested on long-term land lease

Panaji:Chief minister Pramod Sawant on Tuesday said the group of ministers (GoM) tasked with boosting the real estate sector recommended that no further GST exemption should be given on long-term lease of land by private entities and sector-specific exemptions, such as for tourism purposes.
At the fourth meeting of the GoM which was held in the state, Sawant said that issues pertaining to the grant of GST exemption on long-term lease of land by private entities and sector-specific exemptions were discussed at length.
Issues pertaining to taxes on the supply of construction services by cooperative housing societies to their members in new or redevelopment projects were also discussed comprehensively, he said. It was also decided that the committee of officers shall examine all these issues after obtaining relevant data from states before taking a final decision at the next GoM meeting.
“On reviewing the value limit of Rs 45 lakh for the definition of an affordable residential apartment for a metropolitan region, it was decided that inputs from Karnataka, West Bengal, Tamil Nadu, Uttar Pradesh, Maharashtra and Delhi need to be taken to arrive at a consensus,” the chief minister said.
“Determining the value of land for arriving at the value of construction services in the case of the sale of apartments has been deferred for further examination,” he added.