NEW DELHI: In a setback for real estate developers, the National Anti-Profiteering Authority has held that homebuyers cannot endlessly wait to get the benefit of input tax credit (ITC) for GST payments as the law does not provide that the gain should only accrue on completion of the project. Nearly two years after the launch of GST, several builders have not passed on the benefit of credits earned for...
GST
MUMBAI | BENGALURU: Indian homebuyers are gradually returning to the real estate market thanks to favourable property prices, cuts in the goods and services tax (GST) and an expectation of lower interest rates. Apart from a steady improvement in sales momentum, the relatively lower number of launches is also helping the market limp back to normalcy, experts said. The inventory of unsold residential...
NEW DELHI: Home buyers will have to pay 12 per cent GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the CBIC has said. Builders who have received completion certificate for an ongoing project before April 1, 2019, will have to charge 12 per cent GST from buyers on the balance amount due towards purchase of the flat. Issuing the...
NEW DELHI: The taxman has asked builders to choose before May 10 the new goods & services tax (GST) rate for ongoing realty projects. The concessional rate, which came into effect April 1, was set at 1% for affordable houses and 5% for others, from the earlier 8% and 12%, respectively. Developers of under-construction projects could opt for the new or previous rate, but now they have been asked to...
NEW DELHI: Real estate firms have time till May 10 to communicate to their respective jurisdictional officers whether they want to continue with the old GST rates with input tax credit, failing which they will be deemed to have migrated to new tax rates. The GST Council had given the option to real estate companies to either opt for old rates of 12 per cent (for residential) and 8 per cent (affordable...
"Good and Simple Tax" -- that is how Prime Minister Narendra Modi introduced the Goods and Services Tax (GST) to Indians, in his speech at the launch of the new tax regime a year ago. GST was rolled out in the intervening night of June 30 and July 1, last year, in a ceremony held in the Central Hall of Parliament. The government has planned a mega event to celebrate the first anniversary of GST on July...
To enhance transparency in property transactions, the GST Council is expected to bring the real estate sector under the purview of the unified indirect tax regime GST from 1 April next, an expert has said. "It could be introduced from 1st April, and the legislative changes could be done in this (budget) session to facilitate this," CBEC (Central Board of Excise and Customs) ex-Member VS Krishnan told...