GST Rates on Real Estate-No GST is applicable on sale of ready to move-in or Completed property
No GST is applicable on sale of ready to made move-in or Completed property i.e. where the entire consideration has been received after issuance of completion certificate.
Effective rate of GST payable on purchase of under construction residence or commercial properties from a builder involving transfer of property in land or undivided share of land to the buyer, is 12% with full Input Tax Credit (ITC).
Note: It must be noted that with effect from 1st July, 2017, the builder is eligible for availing full Input Tax Credit (ITC) on goods and services for paying his output tax @ 12%. Further, under section 171 of the CGST Act, any reduction in tax rate on supply of goods or services or the benefit of input tax credit shall be passed on to the recipient by way of commensurate reduction in prices.
Anti-profiteering Authority has been set up to examine whether input tax credit availed by a registered person have actually resulted in a commensurate reduction in price of the goods or services supplied by him.
Return could not be said to be non est for non e-verification when AO had been taken due cognizance of…
Section 43CB read with ICDS-III is applicable to contractors and not real estate developers - ITAT In a recent judgment,…
Expenses incurred on ESOP are allowable as revenue expenditure u/s 37(1) of Income Tax Act – ITAT Delhi In a…
Compliance history of supplier could not be used to invalidate the genuine business transactions of the buyer especially when the…
Reassessment quashed as AO issued u/s 148 instead of 153C as reopening was based on incriminating material found during search…
Empanelment of Chartered Accountants/Cost Accountant/Legal firm for FEMA & other allied services Engineering Projects (India) Ltd. has invited application for…