Goa CM Says Ministers Support Minimal GST on Housing

27 Aug 2024 CW Team

Chief Minister Pramod Sawant stated that the recently reconstituted group of ministers (GoM) on the real estate sector believed that the Goods and Services Tax (GST) on housing should be kept to a minimum to ensure housing affordability for the common man. He noted that the final decision would be made at the next meeting, scheduled to be held in Goa on either September 23 or 24. Sawant, who leads the GoM, mentioned that the issue of GST on housing was a major topic of discussion in the GoM's meeting. The GoM also emphasised the need to support the real estate sector under GST.

Sawant highlighted that the meeting addressed three significant issues: GST on properties leased by the government for over 30 years, matters related to housing societies, and the potential imposition of GST on redevelopment projects. He indicated that this was the first meeting held after four years.

Additionally, Sawant mentioned that another topic of discussion was whether a minimum GST should be applied to houses that have undergone redevelopment. He also noted that the state government had been asked to provide data on housing societies and industrial plots. Proposals had been submitted by West Bengal, Punjab, and Maharashtra, and all states had been requested to submit their redevelopment schemes and report revenue losses.

Sawant concluded by stating that various issues concerning the real estate sector and the submissions from state governments were reviewed. The council decided to gather updated data from all states on each agenda point to assess the detailed revenue implications and other issues before making any decisions.

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