look news india
Real Estate Regulatory Authority (RERA) is soon going to get big relief in tax matters. GST Council can exempt RERA from payment of indirect tax. A decision has been taken regarding this and its official announcement can be made soon. Builders will get special benefit from this tax.
Decision on taxation will be taken after discussion
RERA to be exempted from GST After discussion on taxation on RERA, it has been decided to exempt it from the requirement of GST payment. The real estate sector regulator RERA was formed by the Central Government a few years ago. RERA Act in this context means Real Estate Regulation and Development Act. Its objective is to bring transparency regarding real estate projects across the country. RERA has been constituted in all the states under the Act. RERA protects the interests of consumers especially home buyers and helps in quick resolution of disputes.
GST Council meeting
GST Council meeting is going to be held soon. All decisions related to GST are taken by the GST Council. The last meeting of the council was held in October 2023. It is being said that the next meeting of the GST Council may be held in the coming months before the announcement of Lok Sabha elections. Elections are likely to be announced next month, after which the code of conduct will come into force in the country. This means that a council meeting may take place before the announcement next month.
The meeting will be chaired by the Finance Minister
Exemption of RERA from GST may be officially announced in the GST Council meeting chaired by Finance Minister Nirmala Sitharaman. However, the discussion reached the conclusion that collecting GST from RERA means collecting tax from the state government, as the state governments themselves fund the RERA related to their states.