Real Estate Forum on Gst

Latest Answer: Hello Vijay, These changes rate of GST are applicable from April 1, 2019. People who have already booked their flats and have made part payments, can save money as the cost of the apartment has already been fixed. What will change is only the rate of GST applicable on the instalments that have not yet been paid, if they are able to get the demand for the instalment issued after the new rates come into effect. As per GST rules, the GST is payable on the earliest of three occasions- 1) Receipt of payments, 2) Raising of invoice, and 3) Completion of service or supply of goods. So, if you can get the developer to issue the invoice or demand for the remaining instalments, on or after April 1, 2019, you will be able to avail of the reduced rates of GST.

Latest Answer: Decision has made by the government but we have to await the notification to see how this is worked out.

Latest Answer: Hello Dev, A resale property is an immovable property. Thus, it is not covered under the definition of goods under the GST regime and therefore, there will be no impact on resale properties.

Latest Answer: I agreed with the Padma. Ready to move in an apartment are exempt from GST. GST is only applicable on under construction House but the owner will get the Input credit only on the construction part. But since developer have to pay GST on the whole project and he or she will get credit only on construction cost consequently the rates for whether under construction or ready to use house cost will hike on the proportionate basis, in order to link the gap.

Latest Answer: GST is applicable on properties that have not yet received the Completion or Occupancy Certificate. Ready-to-move apartments will have no GST but the developer will only get input credits on construction costs. Developers will collect and pay GST on the cost of the project.

Latest Answer: Also, remember that here, the market value of the property refers to the guideline value that is the decided by the government. This value depends on the zone where the said property exists.

Latest Answer: Thanks, Jyothi. If a person operating his business in multiple states, with the same PAN Number, whether he can operate with a single registration?

Latest Answer: GST is an indirect tax imposed on the supply of goods and services in India. The GST has lowered the burden of many taxes and placed them under one roof, benefiting Indian consumers and companies...

Latest Answer: GST (Goods and Service Tax) in India is an Indirect tax in India. As per the GST laws it is necessary to apply for GST registration when a business falls under certain criteria. GST registration can be done easily by the help of Legal Docs experts.

Latest Answer: no, as being procured by society and reimbursed by residents.