TaxTMI 
TaxTMI 
TaxTMI 
Amendment in the Notification No. F-A-3-32-2017-1-V(41) dated 29th June, 2017
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.... by sub-section (1)," the word, brackets and figures "sub-section (3) and sub-section (4)" shall respectively be inserted; the word "and" after the words and figures "sub-section (5) of section 15" shall be substituted by the symbol ","; after the word, brackets and figures “section (16)", the words and figure "and section 148" shall be inserted; (ii) in the Table, - (a) against serial number 3, for item (i), and the entries relating thereto in column (3), (4) and (5), the following items and entries shall be substituted, namely, - (3) Table (4) (5) "(i) Construction of affordable residential apartments by a promoter in a Residential Real Estate Project (herein after referred to as RREP) which commences on or after 1st April, 2019 or in an ongoing RREP in respect of which the promoter has not exercised option to pay state tax on construction of apartments at the rates as specified for item (ie) or (if) below, 25 the case may be, in the manner prescribed therein. intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion ficate, where required, by the competent authority or after its first occupation, wh....
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....apply for valuation of this service) (ic) Construction of affordable residential apartiments by a promoter in a Real Estate Project (herein after referred to as REP) other than RREP, which commences on cr after 1st April, 2019 or in an ongoing REP other than RREP in respect of which the promoter has not exercised option to pay tax on construction of apartments at the rates as specified for item (ie) or (if) below, as the case may be, in the manner prescribed therein, intended for sale to a buyer, wholly or partly, except where the entire consideration has been of completion received after issuance certificate, where required, by the competent authority or after its first occupation, whichever is earlier. 3.75 0.75 I in the case of REP other than RREP and in Annexure II in the case of RREP; Provided also that where a registered person (landowner promoter) who FSI transfers development right or (including additional FSI) to a promoter (developer- promoter) against consideration, wholly or partly, in the form of construction of apartments, - on (i) the developer- promoter shall pay tax supply of construction of the landowner- apartments to promoter, and (ii) such landowner.- promoter ....
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....d on reverse charge basis shall be deemed to have been purchased from registered person; Provided also that where value of input and input services received from registered suppliers during the financial year (or part of the financial year till the date of issuance of completion certificate or first occupation of the project, whichever is earlier) falls short of the said threshold of 80 per cent., tax shall be paid by the promoter on value of input and input services comprising such shortfall at the rate of eighteen percent on reverse charge basis and all the provisions of the Madhya Pradesh Goods and Services Tax Act, 2017 (19 of 2017) shall apply to him as if he is the person liable for paying the tax in relation to the supply of such goods or services or both; Provided also that notwithstanding anything contained herein above, where cement is received from an unregistered person, the promoter shall pay tax on supply of such cement at the applicable rates on reverse charge basis and all the provisions of the Madhya Pradesh Goods and Services Tax Act, 2017 (19 of 2017), shall apply to him as if he is the person liable for paying the tax in relation to such supply of cement; (Pleas....
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....e IV to tax on construction of pay state apartments in a project at the rates as specified for item (ie) or (if), as the case may be, by the 10th of May, 2019; Provided also that where the option is not exercised in Form at annexure IV by the 10th of May, 2019, option to pay tax at the rates as applicable to item (i) or (ia) or (ib) or (ic) or (id) above, as the case may be, shall be deemed to have been exercised; Provided also that invoices for supply of the service can be issued during the period from 1st April 2019 to 10th May 2019 before exercising the option, but such invoices shall be in accordance with the option to be exercised.; 398 (41) 398 (42) मधà¥à¤¯à¤ªà¥à¤°à¤¦à¥‡à¤¶ राजपतà¥à¤°, दिनांक 17 मई 2019 has been received after issuance of completion _certificate, where required, by the competent athority or after its first occupation, whichever is earlier. Explanation. -For the removal of doubt, it is hereby clarified that, supply by way of services specified at items (i), (ia), (ib), (ic), (id) and (ie) in column (3) shall attract state tax prescribed against them i....
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....ntial Real Estate Project; (xvi) the term "affordable residential apartment" shall mean, - (a) a residential apartment in a project which commences on or after 1st April, 2019, or in an ongoing project in respect of which the promoter has not exercised option in the prescribed form to pay state tax on construction of apartments at the rates as specified for item (ie) or (if) against serial number 3, as the case may be, having carpet area not exceeding 60 square meter in metropolitan cities or 90 square meter in cities or towns other than metropolitan cities and for which the gross amount charged is not more than forty five lakhs rupees. For the purpose of this clause, - 398 (45) 398 (46) मधà¥à¤¯à¤ªà¥à¤°à¤¦à¥‡à¤¶ राजपतà¥à¤°, दिनांक 17 मई 2019 (i) Metropolitan cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR) with their respective geographical limits prescribed by an order issued by the Central or State Government in this regard; (ii) Gross amount shall be the su....
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....ty, it is certified by any of the authorities specified in sub- clause (a) above that construction of the project has started on or before the 31s March, 2019; मधà¥à¤¯à¤ªà¥à¤°à¤¦à¥‡à¤¶ राजपतà¥à¤°, दिनांक 17 मई 2019 (c) completion certificate has not been issued or first occupation of the project has not taken place on or before the 31st March, 2019; ↑ (d) apartments being constructed under the project have been, partly or wholly, booked on or before the 31st March, 2019. Explanation. For the purpose of sub-clause (a) and (b) above, construction of a project shall be considered to have started on or before the 31st March, 2019, if the earthwork for site preparation for the project has been completed and excavation for foundation has started on or before the 31st March, 2019. (xi) "commencement certificate" means the commencement certificate or the building permit or the construction permit, by whatever name called issued by the competent authority to allow or permit the promoter to begin development works on an immovable property, as per the sanctioned plan; (xxii)....
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....hall deemed to have come into effect from the 1st day of April, 2019. By order and in the name of the Governor of Madhya Pradesh, S. D. RICHHARIYA, Dy. Secy. 398 (48) मधà¥à¤¯à¤ªà¥à¤°à¤¦à¥‡à¤¶ राजपतà¥à¤°, दिनांक 17 मई 2019 Annexure I Real estate project (REP) other than Residential Real estate project (RREP) Input tax credit attributable to construction of residential portion in a real estate project (REP) other than residential real estate project (RREP), which has time of supply on or after 1st April, 2019, shall be calculated project wise for all projects which commence on or after 1st April, 2019 or ongoing projects in respect of which the promoter has not exercised option to pay state tax on construction of apartments at the rates as specified for item (ie) or (if) against serial number 3, as the case may be, in the prescribed manner, before the due date for furnishing of the return for the month of September following the end of financial year 2018-19, in the following manner: 1. Where % completion as on 31st March, 2019 is not zero or where there is inventory in stoc....
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....Authority, it shall be got determined and certified by an architect registered with the Council of Architecture constituted under the Architects Act, 1972 (20 of 1972) or a chartered engineer registered with the Institution of Engineers (India). (c) A registered person shall have the option to calculate 'Te' in the manner prescribed below instead of the manner prescribed in (b) above,- Te shall be calculated as under: Te Tc+T1 + Tr = Where, - Tc is the ITC attributable to construction of commercial portion in the REP, calculated as under: Tc T3 (carpet area of commercial apartments in the REP/ total carpet area of commercial and residential apartments in the REP); Wherein T3 − T - ('I:1 + T2) T1 = ITC attributable exclusively to construction of commercial portion in the REP T2 ITC attributable exclusively to construction of residential portion in the REP 398 (50) मधà¥à¤¯à¤ªà¥à¤°à¤¦à¥‡à¤¶ राजपतà¥à¤°, दिनांक 17 मई 2019 and Tr is the ITC attributable to construction of residential portion in the REP which has time of supply on or before 31.03.2019 and which shall be cal....
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....ial apartments in the REP) and Tr is the ITC attributable to construction of residential portion in the REP which has time of supply on or before 31st March, 2019 and which shall be calculated as under, Tr = Tn* F¡ * F₂ * F3 Where, - Tn= Tax paid on such inputs and input services on which ITC is available under the SGST Act, received in 2019-20 for construction of REP F1, F2 and F3 shall be the same as in para 1 above (b) The registered person shall be eligible to take ITC on goods and services received on or after 1st April, 2019 for construction of residential portion in the REP, for which he shall not otherwise be eligible, to the extent of the amount of Te. (c) The amount 'Te' shall be computed separately for input tax credit of central tax, State tax, Union territory tax and integrated tax. 3. Notwithstanding anything contained in paragraph 1 or paragraph 2 above, Te shall be determined in the following situations as under: (i) (!!). (iii) where percentage invoicing is more than the percentage completion and the difference between percentage invoicing (per cent. points) and the percentage completion (per cent. points) of construction is more than 25 per cent. points;....
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....ving t.o.s. prior to transition 17 ITC to be reversed on transition, Tx= T-Te 20% C14*C15 4.8 crore 18 Eligible ITC (Te)= Tc + Tr 19 T (see notes below) 1 crore 20 Tc=Tx (carpet area of commercial apartments in the REP/ total carpet are 19 * (C9/C10) 0.125 orore of commercial and residential apartments in the REP) 21 Tr Tx F1 x F2 x F3 x F4 22 F1 C4/C10 0.875 23 F2 24 F3 25 F4 26 Tr Tx F1 x F2 x F3 x F4 C13/C4 C16/ C14 1/C11 0.533 0.200 5 C19 C22 C23* C24* C25 0.467 27 Eligible ITC (Te)=Tc + Tr 28 ITC to be reversed on transition, Tx= T-Te C26+ C20 C19 C27 crore 0.592 crore 0.408 crore 1. The value of T at C19 has been estimated for illustration based on weighted average tax on inputs. 2. In actual practice, the registered person shall take 'aggregate of ITC taken as declared in GSTR-3B of tax periods from 1.7.2017 or commencement of project which is later and transitional credit taken under section 140 of SGST Act' as value of T. * Note:- Illustration 2: मधà¥à¤¯à¤ªà¥à¤°à¤¦à¥‡à¤¶ राजपतà¥à¤°, दिनांक 17 मई 2019 Details of a REP (Res + Com) ******** Sl. No C 1 No. of apartm....
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....ents having to.s, prior to transition after application of cap vis-a-vis consideration received 43 F3 after application of both the caps. 44 TTx F1 x F2 x F3 X F4 (after application of both the caps) 8 cr+ 25% of 8 Cr :C42/C14: 10.00 crofe 0.42 C19 C22 C23 C43 C25 0.97 45 Eligible ITC (Te)=Tc + Tr (after application of both the caps) C20C44 1.10 46 ITC to be reversed / taken on transition, Tx= T-Te (after application of both the caps) Ñтоге C19-C45 -0.10 Note:- 1. The value of T at C19 has been estimated for illustration based on weighted average tax on inputs. 2. In actual practice, the registered person shall take 'aggregate of ITC taken as declared in GSTR-3B of tax periods from 1.7.2017 or commencement of project which is later and transitional credit taken under section 140 of SGST Act' as value of T. 398 (53) By order and in the name of the Governor of Madhya Pradesh, S. D. RICHHARIYA, Dy. Secy. 398 (54) Annexure Il मधà¥à¤¯à¤ªà¥à¤°à¤¦à¥‡à¤¶ राजपतà¥à¤°, दिनांक 17 मई 2019 Residential Real estate project (RREP) Input tax credit attributable to construct....
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.... Illustration: where one- fifth (twenty percent) of the construction has been completed, F4 shall be 100 ÷ 20 = 5. Explanation: "% Completion of construction as on 31st March, 2019" shall be the same as declared to the Real Estate Regulatory Authority in terms of section 4 and section 11 of Real Estate (Regulation and Development) Act, 2016 and where the same is not required to be declared to the Real Estate Regulatory Authority, it shall be got determined and certified by an architect registered with the Council of Architecture constituted under the Architects Act, 1972 (20 of 1972) or a chartered engineer registered with the Institution of Engineers (India). (c) The amounts 'Tx' and 'Te' shall be computed separately for input tax credit of central tax, State tax, Union territory tax and integrated tax. (d) Where, Tx is positive, i.e. Te T, the registered person shall be eligible to take ITC on goods and services received on or after 1st April, 2019 for construction of the RREP, for which he shall not otherwise be eligible, to the extent of difference between Te and T. (f) Where percentage completion is zero but ITC has been availed on goods and services received for the projec....
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....ore than 25 per cent. points; the value of percentage invoicing shall be deemed to be percentage completion plus 25 percent. points; where the value of invoices issued on or prior to 31st March, 2019 exceeds the consideration actually received on or prior to 31st March, 2019 by more than 25 per cent. of consideration actually received; the value of such invoices for the purpose of determination of percentage invoicing shall be deemed to be actual consideration received plus 25 per cent. of the actual consideration received; and where, the value of procurement of inputs and input services prior to 1st April, 2019 exceeds the value of actual consumption of the inputs and input services used in the percentage of construction completed as on 31st March, 2019 by more than 25 per cent. of value of actual consumption of inputs and input services, the jurisdictional commissioner or any other officer authorized in this regard may fix the Te based on actual per unit consumption of inputs and input services based on the documents duly certified by a chartered accountant or cost accountant submitted by the promoter in this regard, applying the accepted principles of accounting. Illustration 1:....
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....ooked before transition C3*C7 5600 som 9 Value of booked residential apartments C5* C7 48 crore 10 Percentage invoicing of booked residential apartments on or before 31.03.2019 11 Total value of supply of residential apartments having t.o.s. prior to transition 12 ITC to be reversed on transition, Tx= T- Te C9* C10 28.8 crore 13 Eligible ITC (Te)-Tx F1 x F2 x F3 x F4) 14 T (see notes below) 15 F1 16 F2 17 F3 18 F4 19 Eligible ITC (Te)-Tx F1 x F2 x F3 x F4) 20 ITC to be reversed on transition, Tx= T-Te 21 Tx after application of 22% completion on % invoicing vis-a-vis PG 23 % invoicing 24 1% invoicing after application can PC 225% 1 crore 1 C8/C4 C11/C9 1/C6 0.8 0.6 5 C14* C15 * C16 * C17*C18 2.4 C14-C19 crore -1.4 crore 25 Total value of supply of residential apartments prior to transition 26 F3 after application of cap 27 Te TxF1x F2x F3 x F4 (after application of cap) C14 28 ITC to be reversed taken on transition, Tx=T-Te (after application of cap 29 Tx after application of cap on % invoicing vis-a-vis Pc and payment realisation 30% invoicing after application of cap(Po +25%) EST 31 Total value of supply of residential apartments having to.sepric 32 consideration received 33 siti....
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.... payment in the form of premium, salami, development charges etc.) or FSI (including additional FSI), electricity, high speed diesel, motor spirit, natural gas], for construction of a residential real estate project during a financial year. Sl. Name of input goods and Percentage, No. services of input Whether inputs received and goods services from registered supplier received during the (Y/N) financial year Y 1 Sand 10 Y 15 2 Cement Y 3 Steel 20 Y 4 Bricks 15 Y 5 Flooring tiles 10 N 6 Paints 5 Architect/ designing/ CAD 10 drawing etc. 398 (60) मधà¥à¤¯à¤ªà¥à¤°à¤¦à¥‡à¤¶ राजपतà¥à¤°, दिनांक 17 मई 2019 FORM Annexure IV (Form for exercising one time option to pay tax on construction of apartments in a project by the promoters at the rate as specified for item (ie) or (if), against serial number 3 in the Table in this notification, as the case may be, by the 10th of May, 2019) Reference No. To Date 7 (To be addressed to the jurisdictional circle Incharge) 1. GSTIN: 2. RERA registration Number of the Project: 3. Name of the project, if any: 4. 5. 6. 1. The location details of th....