Real estate developers have approached the Ministry of Finance with their concerns over the impact of the Goods & Services Tax (GST) being levied on rehabilitation apartments being built and given back, free of cost, to existing occupants as part of redevelopment projects. The Confederation of Real Estate Developers’ Association of India (CREDAI) – MCHI, has written to Finance Minister Nirmala Sitharaman to request a change in GST structure to ensure viability of redevelopment projects in Mumbai Metropolitan Region (MMR). Real estate projects involving redevelopment and rehabilitation are the mainstay of Mumbai’s property market as the land-starved city has few vacant land parcels. Irani along with other members of CREDAI MCHI met the finance minister to make a formal representation on this matter. of Experience in Indirect Taxation – GST, Service Tax, Excise, Customs, VAT/CST, FTP, DGFT matters etc.

Source: Economic Times June 01, 2023 15:11 UTC