Real estate GST rules: new rates, one-time option to pay, reverse-charge on unregistered supplies, and ITC allocation formulas. Amendment prescribes distinct state-tax rates and detailed conditions for construction services in REP and RREP effective 1 April 2019, including a one-time option to pay reduced rates by 10 May 2019, mandatory electronic-cash payment for specified tax, reverse-charge obligations where procurement from registered suppliers falls below 80% (with specific reverse-charge on cement from unregistered suppliers), and annexed formulae and examples for project-wise computation and allocation of input tax credit (Tx and Te) including caps and reporting requirements.
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Real estate GST rules: new rates, one-time option to pay, reverse-charge on unregistered supplies, and ITC allocation formulas.
Amendment prescribes distinct state-tax rates and detailed conditions for construction services in REP and RREP effective 1 April 2019, including a one-time option to pay reduced rates by 10 May 2019, mandatory electronic-cash payment for specified tax, reverse-charge obligations where procurement from registered suppliers falls below 80% (with specific reverse-charge on cement from unregistered suppliers), and annexed formulae and examples for project-wise computation and allocation of input tax credit (Tx and Te) including caps and reporting requirements.
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