GoM meet in Goa: No further exemption in GST for long-term land lease

GoM meeting in Goa decides no GST exemption for long-term land lease, next meeting on October 25.

The fourth meeting of the Group of Ministers on boosting the real estate sector held in Goa has decided no further exemption in GST should be granted on long-term lease of land by private entity and sector-specific exemption such as for tourism purposes.

Goa Chief Minister Pramod Sawant hosted the meeting of the Group of Ministers (GoM) on Tuesday, September 24, 2024.

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Bihar Deputy Chief Minister Samrat Choudhary, Maharashtra Women, and Child Development Minister Aditi Tatkare, Gujarat Finance Minister Kanubhai Mohanlal Desai, his Kerala counterpart K.N. Balagopal, Punjab Finance Minister Harpal Singh Cheema, Uttar Pradesh Finance Minister Suresh Kumar Khanna, central government GST officials were among those who attended the meet.

A statement issued after the meeting said there were deliberations on various issues about the real estate sector.

"The issues pertaining to grant of GST (Goods and Services Tax) exemption on the long term lease of land by private entity and sector specific exemption such as for tourism purposes was discussed at length," it said.

“The Group of Ministers unanimously agreed and recommended that no further exemption is required. GST at applicable rates will continue to be levied on the same,” the statement said.