FTCCI organized a program on GST & Tax–Implications on Land Ownership

Hyderabad, March 11, 2024……The Federation of Telangana Chambers of Commerce and Industry (FTCCI) in association with the National Real Estate Development Council (NAREDCO) Telangana organised a program on GST & Tax–Implications on Land Ownership on Thursday which continued till night at KLN Prasad Auditorium, Federation House, Red Hills.

M. Srinivas, IRS, Principal Chief Commissioner (retd), Central GST was the chief guest

Venugopal Gella, CH Nageswara Rao, GS Prashanth, VS Sudhir, Mohd Irshad Ahmed–Chartered Accountants and Sreenivasa Reddy–Advocate & Tax Consultant; B Sunil Chandra Reddy, President, NAREDCO Telangana; Vijaya Sai Meka, Secretary General, NAREDCO Telangana; Suresh Kumar Singhal, Senior Vice-President- FTCCI; R Ravi Kumar, Vice President- FTCCI; Abhishek Tibrewala, Chair, Infrastructure, Real Estate & Smart Cities Committee, FTCCI participated

Affordability and Accessibility to own the Land is also one of the factors that influence the growth of the market for Landowners & Developers in the real sector. In any City, this is impacted by the GST and other taxes imposed on buying and selling of the Land. In this regard, FTCCI had also submitted its recommendations in the Union Pre-Budget Memorandum for Affordable Housing Norms & Home Loan Tax Rebates, etc. for boosting Investments in the Real Estate Sector and economy, said Meela Jayadev while delivering his opening remarks.

In this scenario, the programme is designed and curated by the Infrastructure, Real Estate & Smart Cities Committee, Direct Taxes Committee and GST & Customs Committee in association with the National Real Estate Development Council (NAREDCO). I appreciate and congratulate all the Chairs, Co- Chairs, Advisors & members of these committees and also the NAREDCO Team for coming out with such a useful programme, Meela Jayadev added.

The Programme was designed to understand the procedure and rights during the search operations under the GST & Income Tax Act and with a panel discussion on the Implications of GST on the land owner’s share of the built-up area.

The Program discussed GST tax structure regarding Real-estate, understanding the value, time and place of Supply of Land under GST Law, its Input Tax Credit Provisions, GST on Joint Development Agreements, GST implications on the Sale of Developed Plots of Land & Renting and Leasing of Land, the impact of GST on the Real-estate Sector, Search Operation Procedures under GST & Income Tax Act and rights possessed by the assessee.