GST rate changes for real estate: promoters must choose between new no credit regime or old creditable regime, with specified compliance obligations. Revisions to GST for real estate effective 1 April 2019 prescribe differentiated effective rates for residential construction after deduction of land, define affordable residential apartment by carpet area and price ceiling, and permit promoters of ongoing projects a one time, project wise option to remain under pre existing rates with input tax credit if exercised by the specified deadline. The FAQs set out the detailed definition of an ongoing project, procurement thresholds from registered suppliers with reverse charge for shortfalls, valuation abatement rules, timing and reverse charge obligations for TDR/FSI/long term leases, and compliance requirements including project wise accounting and invoice adjustment mechanisms; new projects commencing on or after 1 April 2019 must apply the new regime without option.
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Provisions expressly mentioned in the judgment/order text.
GST rate changes for real estate: promoters must choose between new no credit regime or old creditable regime, with specified compliance obligations.
Revisions to GST for real estate effective 1 April 2019 prescribe differentiated effective rates for residential construction after deduction of land, define affordable residential apartment by carpet area and price ceiling, and permit promoters of ongoing projects a one time, project wise option to remain under pre existing rates with input tax credit if exercised by the specified deadline. The FAQs set out the detailed definition of an ongoing project, procurement thresholds from registered suppliers with reverse charge for shortfalls, valuation abatement rules, timing and reverse charge obligations for TDR/FSI/long term leases, and compliance requirements including project wise accounting and invoice adjustment mechanisms; new projects commencing on or after 1 April 2019 must apply the new regime without option.
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