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<h1>Real estate GST: differentiated tax rates, ITC apportionment and reverse charge rules for promoters, effective April 2019.</h1> The notification prescribes differentiated State tax rates for construction services in REP and RREP and mandates cash payment of specified State tax; it establishes project wise formulas (Annexures I and II) to compute eligible ITC (Te) and transition ITC (Tx = T - Te) using carpet area ratios, percentage invoicing, booking values and percentage completion. Where registered supplier receipts fall short of an 80% threshold, promoters must discharge tax on the shortfall (and cement from unregistered suppliers attracts reverse charge). Promoters must maintain project wise inward supply accounts, report shortfalls in returns and may exercise a one time option to pay tax at specified rates for ongoing projects.
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