Real estate construction rules: Goa prescribes new GST rates, ITC apportionment, 80% registered supplier threshold and reverse charge duties. Amendment prescribes distinct State tax rates and compliance for construction and composite works contracts in REP/RREP effective 1 April 2019, including cash only payment of specified State tax, 80% procurement from registered suppliers threshold with reverse charge on shortfall (and on cement from unregistered persons), project wise ITC apportionment and repayment rules set out in Annexures I and II, a one time option for ongoing projects to elect alternate tax rates by prescribed form, and detailed definitions and valuation rules for transfers of development rights or FSI.
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Real estate construction rules: Goa prescribes new GST rates, ITC apportionment, 80% registered supplier threshold and reverse charge duties.
Amendment prescribes distinct State tax rates and compliance for construction and composite works contracts in REP/RREP effective 1 April 2019, including cash only payment of specified State tax, 80% procurement from registered suppliers threshold with reverse charge on shortfall (and on cement from unregistered persons), project wise ITC apportionment and repayment rules set out in Annexures I and II, a one time option for ongoing projects to elect alternate tax rates by prescribed form, and detailed definitions and valuation rules for transfers of development rights or FSI.
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