No Further GST Exemptions For Long-Term Land Leases Or Sector-Specific Exemptions In Real Estate

 

Introduction

GoM Confirms No Additional GST Exemptions for Long-Term Land Leases

The Group of Ministers (GoM) on the real estate sector has decided not to grant any further exemptions in Goods and Services Tax (GST) for long-term leases of land by private entities or for sector-specific exemptions, such as tourism. This decision was reached during their fourth meeting held in Goa.



Key Decisions from the Meeting:

  • No Additional Exemptions: The GoM unanimously agreed that no further GST exemptions are required for long-term land leases or sector-specific exemptions.
  • Continued GST Levy: GST will continue to be levied at applicable rates on long-term land leases and other real estate transactions.
  • Taxability of Construction Services: The GoM discussed the taxability of construction services provided by cooperative housing societies to their members in new or redevelopment projects..........Read More

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