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.
Typographical error in turnover declared in ITR was not as a mistake apparent from the record u/s 154 when AO…
Ground taken by assessee that he was not aware of the order cannot be brushed aside so lightly in absence…
In an order rejecting stay of income tax demand there should be a recital of the merits whether it is…
CBDT has extended the due date for furnishing Return of Income for Assessment Year 2026-27 (FY 2025-26) in respect of…
Denying the accumulation of u/s 11(2) merely on grounds of a procedural delay in filing Form No. 10 is unsustainable…
Engagement of 05 Young Professionals CAs in the Office of Central Registrar of Cooperative Society on contractual basis The office…