https://www.taxtmi.com/news?id=21223 Revised GST treatment for residential projects establishes concessional regimes for affordable and other houses without input tax credit, requires a mandated share of purchases from registered suppliers or reverse charge consequences for shortfalls, and permits a one time option for promoters of ongoing projects to remain under prior rates. Ongoing projects opting into the new regime must transition previously availed ITC by extrapolating credit to the project and pro rating entitlement by booking and invoicing, with separate pro rata allocation for commercial portions in mixed projects. Transfers of development rights and long term lease premiums face conditional exemption and shifted RCM liability to builders. en-us Tue, 19 Mar 2019 17:53:25 +0530 Wed, 20 Mar 2019 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=21223 Revised GST treatment for residential projects establishes concessional regimes for affordable and other houses without input tax credit, requires a mandated share of purchases from registered suppliers or reverse charge consequences for shortfalls, and permits a one time option for promoters of ongoing projects to remain under prior rates. Ongoing projects opting into the new regime must transition previously availed ITC by extrapolating credit to the project and pro rating entitlement by booking and invoicing, with separate pro rata allocation for commercial portions in mixed projects. Transfers of development rights and long term lease premiums face conditional exemption and shifted RCM liability to builders. News - Tue, 19 Mar 2019 17:53:25 +0530 https://www.taxtmi.com/news?id=21223