GST rate amendment for construction services: differentiated tax treatment, credit conditions, and reverse charge obligations clarified. Amendment revises classification and state tax rates for construction and works contracts in real estate projects, prescribes an option for promoters in ongoing projects to elect alternative tax rates with transitional invoice treatment, conditions input tax credit on a threshold of inward supplies from registered suppliers and prescribes reverse charge payment on any shortfall or on specified supplies from unregistered persons, mandates project-wise accounting and reporting of ineligible credits, and inserts detailed definitions and valuation rules for transfers of development rights or FSI, effective from 1st April, 2019.
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GST rate amendment for construction services: differentiated tax treatment, credit conditions, and reverse charge obligations clarified.
Amendment revises classification and state tax rates for construction and works contracts in real estate projects, prescribes an option for promoters in ongoing projects to elect alternative tax rates with transitional invoice treatment, conditions input tax credit on a threshold of inward supplies from registered suppliers and prescribes reverse charge payment on any shortfall or on specified supplies from unregistered persons, mandates project-wise accounting and reporting of ineligible credits, and inserts detailed definitions and valuation rules for transfers of development rights or FSI, effective from 1st April, 2019.
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