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Real estate is a never-ending option for investment and thousands of people every year invest in residential properties for a good return. Earlier in the pre GST period, there were multiple taxes applicable such as stamp duty, VAT, service tax, registration charges and that too with different rates for different states every time. However after […]
Ahead of the fourth GST Anniversary on July 1, the Industry regulatory body ‘PHD Chamber of Commerce’ has voiced an opinion that the buyer should be permitted to claim credit for taxes even if the supplier has been the defaulter in payment of GST. The PHD Chamber of commerce also said that during a meeting […]
Any Joint Development Agreement or JDA of commercial project or sale of development rights is not exempted from GST. For now, it is mandatory to clear all sorts of confusion on GST rates for Joint Development Agreement or development right sale, especially for commercial projects. While certain exemptions are allowed for the transfer of development […]
The ruling government is all set to propose the union budget for fiscal 2019-20 on July 5, under the supervision of newly elected Finance Minister Nirmala Sitharaman. With this upcoming budget, the real state personnel are intending for the re-introduction of Input Tax Credit (ITC) for under-construction properties so that the liquidity situation in the […]
Generally, the Goods and Service Tax (GST) should be charged on goods and services, not on immovable objects like property. However, the Indirect tax laws of India considers the sale of under-construction residential apartments as a supply of goods and services. In the recent amendments of GST rates, the levied GST tax rates on under-construction […]
The CBIC (Central Board of Indirect Taxes and Customs) has said that 12 per cent of GST must be paid by the home buyers compulsorily and this is only for those who have to give the amount to the builder and whose housing project got the completion certificate before 1st April 2019. The CBIC issued […]
In the 34th meeting, the GST Council gave a green signal and finalised the modalities for changing the new tax rates on residential flats, thereby giving the builders options to choose.
GST council had already finalized the decisions regarding the alteration in the GST rates on real estate to 1% & 5% for affordable houses and other under construction properties respectively.
The Election Commission has shown a green light for conducting the 34th GST council meeting on March 19 to confer multiple issues via video conferencing.
