WebApr 28, 2024 · Formula: GST Payable on development rights * Carpet area of apartments which remain un-booked as on date of completion certificate / Total area of the apartment Further tax payable shall not exceed 0.5% or 2.5% as the case may be of the value of remaining un-booked on the date of completion certificate or first occupation. WebApr 10, 2024 · All of important FAQs answered on the Real Estate sector under GST. Know all about inexpensive casing, the new rates in force, availability of ITC, etc. Browse. INDIVIDUAL PRODUCTS. GST. E-Invoicing & E-Way Bill. TDS. MaxITC. Bills Discounting. Distinct Capture. Cimplyfive. PRODUCT SUITES. Clear Funding Cloud. Clear Software …
FAQs on the Real Estate Sector under GST - ClearTax
WebDec 9, 2024 · Final tax liability on service by way of transfer of development rights for construction of residential apartments shall be lower of tax calculated as per step 1 and step 2. In case of commercial apartments, … WebSep 7, 2024 · From new flat buyers whom the builder/developer sells additional flats. Redevelopment of Societies and GST implications. This can be explained well with the … fireplace vs heater
Capital Gain Tax Tax on Property Under Redevelopment
WebDec 31, 2024 · GST is nothing but a Value Added Tax i.e. Rehab flat cost+Sale flat cost+Profit = Saleable flat price on which GST can rightly be levied. Yes, there is GST on input costs as well, but on Reverse Charge, for which ITC is already available to Builder who have opted in the Old Regime as on 01.04.2024. WebAug 8, 2024 · Under the GST, the rate of tax as decided for construction of complex, building, civil structure intended for sale where value of land is included in the amount … WebJan 21, 2024 · Said Ramani, “According to the GST administration, the allotment of flats to a housing society’s members under a development agreement is the supply of construction service to a society. fireplace vs chimney