Real estate construction GST amended: specific SGST rates, restricted ITC, reverse charge and project wise ITC allocation from April 2019. Amendment revises State GST rates and conditions for construction supplies in real estate projects, prescribing specified rates for affordable and non affordable residential and commercial apartments, imposing cash payment of state tax at those rates, restricting ITC except as prescribed in Annexures I and II, requiring promoters to remit ITC attributable to construction for supplies with time of supply on or after 1 April 2019, and applying reverse charge where inputs from registered suppliers fall below 80% or where cement is procured from unregistered persons; it also adds valuation for transfer of development rights, expanded definitions, project wise ITC allocation formulas, compliance reporting and a one time option form.
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Provisions expressly mentioned in the judgment/order text.
Real estate construction GST amended: specific SGST rates, restricted ITC, reverse charge and project wise ITC allocation from April 2019.
Amendment revises State GST rates and conditions for construction supplies in real estate projects, prescribing specified rates for affordable and non affordable residential and commercial apartments, imposing cash payment of state tax at those rates, restricting ITC except as prescribed in Annexures I and II, requiring promoters to remit ITC attributable to construction for supplies with time of supply on or after 1 April 2019, and applying reverse charge where inputs from registered suppliers fall below 80% or where cement is procured from unregistered persons; it also adds valuation for transfer of development rights, expanded definitions, project wise ITC allocation formulas, compliance reporting and a one time option form.
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