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N Jaideep Reddy, president of CREDAI Hyderabad, stated that subsequent reforms in the GST framework for the restoration of ITC are important to keep housing affordable and sustain demand in Hyderabad’s real estate market. Relief was provided through recent GST rationalisation, but the absence of GST input tax credit (ITC) continues to increase project costs, […]
The tax implications issue of transferring the leasehold land has arrived again as it has been initiated by the authorities to issue the notices to recover dues for transferring the same. It sparked an influential debate among the industry stakeholders since it is anticipated to have an impact on subsequent transactions and the wider real […]
In between an ongoing legal battle on the GST application for Joint Development Agreement (JDA) in the real estate sector, the GST Council is anticipated to look into the problems, as the Group of Ministers recommended, on September 9 2024. It is anticipated that a GoM is likely to meet this week. The key terms […]
Chief Minister Pramod Sawant has been appointed as convenor of the reconstituted GST Council Group of Ministers (GoM) to enhance the real estate sector under the GST regime. In an official statement, this was quoted by the office of the Goods and Services Tax Council. By the State, Sawant was appointed as a permanent member […]
The Delhi High Court kept that TDS on External Development Charges (EDC) in a real estate project. It directed that home buyers shall need to bear the load of TDS. A division Bench of the Delhi High Court Justices Yashwant Varma and Purushaindra Kumar Kaurav kept that Section 194C applies to EDC paid by real […]
As India awaits Finance Minister Nirmala Sitharaman’s 6th Union Budget, to be presented in Parliament dated February 1, 2024, the nation’s real estate sector, certainly for the affordable housing segment, is poised in expectation. To realize the vision of the government for ‘Housing for All,’ experts and industry leaders have shared their thoughts asking for […]
Recently, the State GST department sent out almost 20,000 notifications to a range of taxpayers from different industries, concentrating primarily on real estate developers, requesting explanations regarding their expenses during the 2017–18 fiscal year. GST authorities claim that this scrutiny is a result of the lack of a reliable mechanism to track suppliers’ compliance with […]
The Central Board of Direct Taxes (CBDT) has, through notification, S.O. 3865(E) dated 1st September, granted income tax exemption to Real Estate Regulatory Authorities (RERA) in four different states, as detailed in the attached table at the end of this article under Section 10(46) of the Income Tax Act, 1961. Under Section 10, clause (46) […]
To promote the sale of under-construction properties, real estate professionals and developers are urging the government to rationalize the Goods and Services Tax (GST) on those properties. As buyers must now pay stamp duty, registration fees, and the GST, the selling of houses that are still under construction has dropped. Sales of property that is […]
