F. No. 354 32 2019-TRU Government of India Ministry of Finance . . . 1 What are the rates of GST applicable on construction of residential apartments? With effect from 01 -04 -2019, effective rate of GST applicable on construction of residential apartments by promoters in a real estate project are as under: Description Effective rate of GST (after deduction of value of land)
GST implications in Real Estate Sector (REP RREP) - ICAI TV Completion certificate not applicable when RERA not applicable for the project In such cases, First Occupancy can be established: •Differs from state to state •Electricity connection – Connection No objection Conversion from Commercial to Residential •Water connection •Drainage connection
Questions on Real Estate Sector in New GST Regime w. e. f 01-04-2019 How can we classify whether the project is RREP or REP? But the issue is only related with respect to the Construction of Commercial apartments, as there were two rates in new scheme, we are solely responsible for the classifying whether the project is RREP or REP
FAQs on the Real Estate Sector under GST - ClearTax The promoter should pay GST at 18% on a reverse charge basis on all such inward supplies to the extent short of 80% of inward supplies from registered suppliers except cement on which tax has to be paid at 28% (if purchased from unregistered persons)
GST Issues in Real Estate Sector - puneicai. org ØIn respect of construction of commercial apartments (other than RREP), the GST rate is CGST 6% plus SGST UTGST 6% (total 12%) or IGST 12% (with ITC) These rates apply where supply of services involves transfer of land or undivided share of land and its charges are included in the amount charged to customer
FAQ on GST on real estate - Part II - CAclubindia Residential Real Estate Project (RREP) shall mean a REP in which the carpet area of the commercial apartments is not more than 15% of the total carpet area of all the apartments in the REP (Clause xix)
GST In Real Estate Service - Residential Commercial From 01. 04. 2019 GST ON CONSTRUCTION OF OTHER THAN AFFORDABLE RESIDENTIAL APARTMENTS The above point specifies only GST rates applicable on affordable residential apartments but there are various other residential apartments built under RERA Act, and they may be Residential Real Estate Projects (RREP) or Real Estate Projects (REP)
GST on Real Estate Transactions – Key Considerations | Processes As per deeming provisions contained in Schedule II of CGST Act and SGST Act, GST can be levied on following transactions relating to real estate Any lease, tenancy, easement, licence to occupy land [The lease of tenancy of land can be of any period – even 99 or 999 years]
F. No. 354 32 2019-TRU Government of India Ministry of Finance . . . RERA Registration and a single GST Registration and it is not practically feasible to get separate registrations due to peculiar nature of building(s)? The promoter shall apportion and account for the procurements for residential and commercial portion on the basis of the ratio of the carpet area