Higher GST will apply to dues on finished real estate projects : CBIC
Dear all,
Your association is forwarding herewith an article published on Business Standard on 16th May 2018 heading “Higher GST will apply to dues on finished real estate projects : CBIC”.
As per the article, if you’ve got an occupancy certificate (OC) for your house before April 1 this year, the payment of pending dues would draw 12 per cent goods and services tax (GST) rate and the builder will be able to avail of input tax credit.
The Central Board of Indirect Taxes and Customs (CBIC) has come out with another set of frequently asked questions (FAQs) to clear the air on GST on real estate.
Earlier, the GST Council had decided that with effect from April 1, builders of all under-construction houses would have two options — either pay 12 per cent GST with input tax credit or 5 per cent GST without input tax credit. While there is no GST on completed residential projects, an OC needs to be given. All new projects will have to pay 5 per cent GST without input tax credit from April 1.
PLEAE CLICK HERE TO READ THE FULL ARTICLE
This is for your kind information.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association,
Narendra Trivedi,
Secretary
