Construction services tax treatment revised: option to elect rates, 80% registered supplier rule and detailed ITC allocation rules. Amendments to the Himachal Pradesh State Tax (Rate) notification effective 1 April 2019 prescribe distinct state tax rates and conditions for construction services in REP and RREP, introduce a one time option for promoters of ongoing projects to elect specified rates by 10 May 2019, impose an 80% registered supplier procurement threshold (with reverse charge consequences and specific rules for cement from unregistered suppliers), and set detailed project wise ITC allocation and valuation methodologies (Tx = T - Te) in Annexures I and II using carpet area, booking, invoicing and completion metrics, with procedural reporting and payment requirements and definitional clarifications including the deeming rule for transfers of development rights/FSI.
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Construction services tax treatment revised: option to elect rates, 80% registered supplier rule and detailed ITC allocation rules.
Amendments to the Himachal Pradesh State Tax (Rate) notification effective 1 April 2019 prescribe distinct state tax rates and conditions for construction services in REP and RREP, introduce a one time option for promoters of ongoing projects to elect specified rates by 10 May 2019, impose an 80% registered supplier procurement threshold (with reverse charge consequences and specific rules for cement from unregistered suppliers), and set detailed project wise ITC allocation and valuation methodologies (Tx = T - Te) in Annexures I and II using carpet area, booking, invoicing and completion metrics, with procedural reporting and payment requirements and definitional clarifications including the deeming rule for transfers of development rights/FSI.
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