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GoM Unlikely to Offer Relief to Real Estate Sector on Joint Development Agreements
Update / Judgement Date
26 Sept 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
Corporate Law & GovernanceGSTRERA & Property Act
The Group of Ministers (GoM) of the GST Council is unlikely to provide tax relief to the real estate sector concerning Joint Development Agreements (JDAs). Despite ongoing deliberations, the GoM is expected to maintain the current GST rate structure for collaborative ventures between developers and landowners. The industry has been advocating for the restoration of Input Tax Credit (ITC) benefits, which were removed for JDAs executed after April 1, 2019, leading to increased project costs for developers.
