The Indian government has constituted a Group of Ministers (GoM) to boost the real estate sector under the Goods and Services Tax (GST) regime. The GoM was constituted in May 2021 and is chaired by the Finance Minister of Kerala, Dr. K.N. Balagopal.
The GoM has been tasked with examining the various issues faced by the real estate sector under the GST regime and making recommendations to the GST Council for resolving these issues. The group will look into issues related to the tax structure, input tax credit, and compliance requirements under GST that are specific to the real estate sector.
The GoM will also consider suggestions from stakeholders in the real estate sector and hold consultations with industry experts and state governments. The recommendations made by the GoM will be presented to the GST Council, which is the apex decision-making body for GST-related matters in India.
The constitution of the GoM is a significant step towards addressing the challenges faced by the real estate sector under the GST regime and promoting the growth of this important sector.
The Goods and Services Tax (GST) Council is the apex decision-making body for all matters related to the GST in India. The council is chaired by the Union Finance Minister and includes the Finance Ministers of all the states and union territories with legislatures. The role of the GST Council includes:
1. Setting tax rates: The GST Council is responsible for setting the tax rates for goods and services under the GST regime. The council is empowered to fix different tax rates for different goods and services based on their nature and classification.
2. Approval of rules and regulations: The GST Council is responsible for approving the rules and regulations related to the GST. This includes the rules for registration, invoicing, input tax credit, returns, and other compliance requirements.
3. Review of GST rates: The GST Council periodically reviews the GST rates for goods and services and makes changes if necessary. The council can increase, decrease, or exempt the GST rate for any particular goods or service.
4. Dispute resolution: The GST Council is responsible for resolving disputes between the states and the center arising from the implementation of the GST. The council is empowered to make recommendations for the resolution of disputes.
5. Recommendations from committees: The GST Council can consider and approve recommendations made by committees, such as the Group of Ministers (GoM) or the Fitment Committee, related to the GST.
In summary, the role of the GST Council is to ensure the effective implementation of the GST in India by setting tax rates, approving rules and regulations, resolving disputes, and reviewing the GST rates periodically.
The mandate of the Group of Ministers (GoM) constituted for boosting the real estate sector under the Goods and Services Tax (GST) regime is to examine the various issues faced by the real estate sector under the GST and make recommendations to the GST Council for resolving these issues. The GoM is specifically tasked with looking into issues related to the tax structure, input tax credit, and compliance requirements under GST that are specific to the real estate sector.
The GoM is also expected to consider suggestions from stakeholders in the real estate sector and hold consultations with industry experts and state governments. Based on its examination and consultations, the GoM will make recommendations to the GST Council on how to address the challenges faced by the real estate sector under the GST regime.
The ultimate goal of the GoM is to promote the growth and development of the real estate sector in India by addressing the issues and challenges faced by the sector under the GST regime. The recommendations made by the GoM could lead to positive changes in the tax structure and compliance requirements for the real estate sector, which could help boost its growth and development.
Sure, here are some FAQs related to the constitution of GoM for boosting the real estate sector under the GST regime:
The GoM is a Group of Ministers constituted by the Indian government to examine the various issues faced by the real estate sector under the GST regime and make recommendations to the GST Council for resolving these issues.
The GoM was constituted in May 2021.
The GoM is chaired by the Finance Minister of Kerala, Dr. K.N. Balagopal.
The GoM is tasked with examining the various issues faced by the real estate sector under the GST regime and making recommendations to the GST Council for resolving these issues. The group will look into issues related to the tax structure, input tax credit, and compliance requirements under GST that are specific to the real estate sector.
The GST Council is the apex decision-making body for GST-related matters in India. The recommendations made by the GoM will be presented to the GST Council for its consideration and approval.
The constitution of the GoM is a significant step towards addressing the challenges faced by the real estate sector under the GST regime and promoting the growth of this important sector. The recommendations made by the GoM could lead to positive changes in the tax structure and compliance requirements for the real estate sector, which could help boost its growth and development.
