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Download PPT of GST Real Estate Amendments from 01.04.2019

Download the Full PPT of GST Real Estate Amendments by clicking the below image:-

gst real estate amendments

Agenda

  • Current Indirect tax regime
  • The effective rate of taxes on real estate sector before 1.4.2019
  • Amendments as brought out in rates for Developers w.e.f. 1.4.2019
  • Amendment in ITC provisions
  • Issues and Concerns

The Amendment

  • 6 Notifications – Notification No. 3 to 8/2019-Central Tax (Rate) all dated 29th March 2019
  • Parallel notifications in UTGST, IGST, and State Acts
  • 1 Notification No. 16/2019 – Central Tax dated 29th March 2019 amending the CGST Rules, 2017
  • Rates changed for a developer of residential properties only
  • No change of rates for a developer of commercial properties
  • No change of rates for Construction Contractors
  • No change of rates for Government contractors

Important Definitions (GST Real Estate Amendments):

  • “ongoing project” shall mean a project which meets all the following conditions:
    • Where commencement certificate is required to be issued by the competent authority, has been issued on or before 31.3.2019, and it is certified by any of the following that construction of the project has started on or before 31.3. 2019:
      • an architect
      • a chartered engineer; or
      • a licensed surveyor of the respective local body
    • where commencement certificate is not required to be issued, it is certified by any of the authorities specified above that construction of the project has started on or before the 31.3.2019;
    • completion certificate has not been issued or the first occupation of the project has not taken place on or before the 31st March 2019;
    • Apartments have been booked on or before 31.3.2019
    • Construction means earthwork for site preparation for the project has been completed and excavation for the foundation has started
  • an apartment booked on or before the 31st March 2019 shall mean an apartment which meets all the following three conditions, namely
    • part of the supply of construction of which has a time of supply on or before the 31st March 2019 and
    • at least one installment has been credited to the bank account of the registered person on or before the 31st March 2019 and
    • an allotment letter or sale agreement or any other similar document evidencing booking of the apartment has been issued on or before the 31st March 2019;
  • Affordable residential apartment o having carpet area not exceeding
    • 60 square meter in metropolitan cities or
    • 90 square meter in other cities o for which the gross amount charged is not more than 45 Lakhs
    • Gross amount shall include land value, construction value and any other charge made by a developer from the buyer.

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Profile photo of CA Gaurav Gupta CA Gaurav Gupta

New Delhi, India

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