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NAREDCO, Finance Ministry officials meeting over GST on property underway

ANI | Updated: Nov 21, 2017 14:00 IST

New Delhi [India], Nov 21 (ANI): Officials from the Ministry of Finance are currently chairing a meeting with the real estate developers over Goods and Services Tax (GST) to be levied on properties owned by private developers.

Among those attending the meeting are National Real Estate Development Council (NAREDCO) delegation comprising Chairman Rajiv Talwar, Vice Chairman Pravin Garg, President Niranjan Hiranandani and some developers, along with Revenue Secretary Hasmukh Adhia.

The meeting follows the 23rd GST Council meeting that was held earlier this month in Guwahati, where in it was decided that real estate would be brought under the ambit of the taxation scheme.

Naredco reportedly proposed a GST of six percent for up to 60 sq metre flats in projects that are commissioned in collaboration with any of the schemes proposed by the government. Representatives also seek Input Tax Credit benefits for flats up to 60 sq metre.

Further details are awaited. (ANI)