https://www.taxtmi.com/forum/issue?id=118299 The nominal GST rate for construction of residential apartments is 1.5% (0.75% + 0.75%). A one third abatement of total consideration is applied to attribute value to land, producing a lower effective tax burden when computed on the abated value. For compliance, taxpayers should disclose the nominal rate in invoices and returns and declare the taxable value as two thirds of the total consideration after the one third land abatement. en-us Fri, 23 Dec 2022 19:29:48 +0530 Thu, 23 Jan 2025 15:54:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118299 The nominal GST rate for construction of residential apartments is 1.5% (0.75% + 0.75%). A one third abatement of total consideration is applied to attribute value to land, producing a lower effective tax burden when computed on the abated value. For compliance, taxpayers should disclose the nominal rate in invoices and returns and declare the taxable value as two thirds of the total consideration after the one third land abatement. Discussion-Forum GST Fri, 23 Dec 2022 19:29:48 +0530 https://www.taxtmi.com/forum/issue?id=118299