Real estate GST rates and ITC rules revised for apartment construction, development rights, and reverse charge compliance. Amends the Uttar Pradesh GST notification on construction services and real estate supplies by revising rate entries, conditions, and valuation rules for affordable and non-affordable apartments, residential and commercial projects, works contract services, and development rights or FSI-based consideration. It introduces detailed provisions on ongoing projects, one-time option exercise, input tax credit attribution, reverse charge on procurement shortfall from registered suppliers, and new definitions for project, promoter, apartment, and related real estate terms, with effect from 1 April 2019.
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Real estate GST rates and ITC rules revised for apartment construction, development rights, and reverse charge compliance.
Amends the Uttar Pradesh GST notification on construction services and real estate supplies by revising rate entries, conditions, and valuation rules for affordable and non-affordable apartments, residential and commercial projects, works contract services, and development rights or FSI-based consideration. It introduces detailed provisions on ongoing projects, one-time option exercise, input tax credit attribution, reverse charge on procurement shortfall from registered suppliers, and new definitions for project, promoter, apartment, and related real estate terms, with effect from 1 April 2019.
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