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An official source suggests that the GST Council is on the verge of issuing a clarification regarding the exemption of the Real Estate Regulatory Authority (RERA) from Goods and Services Tax (GST). RERA, operating as both a regulator and facilitator in the real estate sector, falls under the provisions of Article 243G of the Constitution governing the powers and responsibilities of panchayats.
Established across various states to uphold transparency, safeguard consumer interests, and ensure speedy dispute resolution in real estate projects, RERA has been under scrutiny regarding GST applicability. Following discussions with RERA officials, it has been concluded that GST does not apply to their functions, considering their funding by state governments.
A GST Council meeting, chaired by the Union Finance Minister and including state ministers, is expected to convene before the imposition of the Model Code of Conduct for the upcoming general elections in April and May. Notably, the previous meeting of the GST Council was held on October 7, 2023.
Rajat Mohan, Executive Director at Moore Singhi, highlighted that before July 18, 2022, certain services provided by key regulatory bodies, including the Reserve Bank, SEBI, IRDA, FSSAI, and the GST network, were exempt from GST. However, discussions arose regarding the tax implications for RERA bodies following the lift of this exemption on July 18, 2022.
"Moreover, since Input Tax Credit (ITC) is not applicable in the residential real estate sector, excluding RERA authorities from GST considerations could potentially reduce expenses for both developers and homebuyers. Therefore, clarification from the GST Council on this matter would be immensely beneficial for the sector," added Mohan.
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