The fourth meeting of a ministerial group on boosting the real estate sector, held in Goa, has decided that no further exemption in GST should be granted on long-term lease of land by private entities or for sector-specific purposes such as tourism. The meeting was hosted by the state’s chief minister.

Several deputy chief ministers, state finance ministers, and central taxation officials attended the meeting.

A statement issued after the meeting said there were deliberations on various issues related to the real estate sector. While reviewing the value limit of Rs 45 lakh for defining an affordable residential apartment in metropolitan regions, it was decided that additional consultations with key states would be required before reaching consensus.

The issue of determining land value for calculating the value of construction services in apartment sales has been deferred for further examination.

The next meeting of the ministerial group is expected to be held on October 25.

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