The issue of goods and services tax (GST) on services related to redevelopment projects by cooperative societies is on the agenda of the GST Council meeting on October 7.
Sources say the issue is unlikely to be discussed in the meeting. As per highly placed sources, the Group of Ministers (GoM) formed in 2019 to address real estate issues has not yet submitted its report to the Council. The issue is expected to be deferred once again, as it has been in the past.
“High chances are there that the issue of imposing GST on services related to redevelopment projects by cooperative societies will not be taken up in the meeting on Saturday, as the GoM hasn’t yet submitted its report to the Council,” a highly placed source told this newspaper. The issue has been contentious as experts say the GST can’t be levied on transfer on development rights. As per them, Schedule 3 of the CGST Act says land and buildings are neither goods nor services, hence going by this rule, transfer of development rights should not be made subject to GST.
Source from: https://www.newindianexpress.com/business/2023/oct/06/issue-of-gst-on-redevelopment-may-get-deferred-2621318.html
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