The Union government has set up a seven-member Group of Ministers (GoM) to examine and suggest ways to resolve the issues plaguing the real estate sector after the implementation of the Goods and Services Tax (GST).
1. Examine the various aspects of levying GST on the transfer of development rights and development rights in a joint development agreement and suitable model.
2. Examine GST levy on Transfer of Development Rights and development rights in a joint development agreement and suitable model.
3. Suggest a plan of action to address the problems facing both developers and buyers.
4. Look at the legality of inclusion or exclusion of land or any other ingredient in the scheme and suggest a valuation mechanism.
The GoM headed Gujarat deputy chief minister Nitin Patel has finance ministers of Kerala, Punjab, Karnataka, Maharashtra and Uttar Pradesh and Goa’s Minister of Panchayat as members.