News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
GST - Goods and Services Tax »
 GSTN releases offline tool of new GST return for trial run
 Firms may get to raise prices after transferring GST cuts
 GST Council meet to decide on slashing tax rate for e-vehicles postponed
 Now, interest to apply only on net cash liability of unpaid GST
 GST applicable on entire building maintenance charge if above ?7,500: FinMin
 How has GST Revolutionised India's Economy
 Reaping best benefits requires laws and compliance structures be made simpler GST
 Management of Good & Services Tax Audit by GST Department
 Sitharaman's first Budget gives breather for delay in payments towards GST
  Finance Minister addresses the Central Board of Directors of Reserve Bank of India
  RBI releases Draft Report of the Internal Working Group on Comprehensive Review of Market Timings

GST Council extends deadline for realty firms to opt for old GST rate till May 20
May, 16th 2019

The GST Council Thursday extended by 10 days till May 20 the deadline for realtors to opt for old GST rates with input tax credit for ongoing projects or shift to new lower tax rates.

The GST Council, headed by FinanceNSE 0.61 % Minister Arun Jaitley and comprising state counterparts, had in March allowed real estate players to shift to 5 per cent GST rate for residential units and 1 per cent for affordable housingNSE 2.51 % without the benefit of input tax credit (ITC) from April 1, 2019.

For the ongoing projects, builders have been given the option to either continue in 12 per cent Goods and Services Tax (GST) slab with ITC (8 per cent for affordable housing), or opt for 5 per cent GST rate (1 per cent for affordable housing) without ITC and communicate to their respective jurisdictional officers the same by May 10.

"The date for exercising the option for residential real estate project to either stay at old GST rate (8 per cent or 12 per cent with ITC) or to avail new GST rate (1 per cent or 5 per cent without ITC) is being extended to May 20, 2019 from May 10, 2019," the GST Council said in a tweet.

The Central Board of Indirect Taxes and Customs (CBIC) has given the real estate companies a one-time option to choose either of the tax rates and once a realty developer chooses a particular tax rate for ongoing projects he would not be able to modify it.

In case, realtors do not exercise the option by May 20, they will be covered under the lower tax rate of 5 per cent and 1 per cent with effect from April 1, 2019, and will not be entitled to avail tax credit on inputs.

"Builders were facing challenges in finalising the roll over scheme to the new tax regime and in the light of new circular on this matter, government in good faith has increased the date for opting," he added.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions