GST (Goods & Services Tax)

ITREND Homes | Convertible Homes | 1BHK in Hinjewadi | 2BHK in Hinjewadi

ITrend Site Add: At S. No. 275/1 and 276/1, Mann, Hinjewadi, Pune
Contact : 09511951142 | 09561615858
ITrend Homes

What is RCM? | Home Loans in Hinjewadi | 1 and 2 BHK in Wakad, Pimpri, Chinchwad, Punawale

This tax is paid by Service recipient and they are eligible for Input Tax credit.

For eg: - In the April there are purchases of Rs.20,00,000 from unregistered dealers, then the recipient has to pay tax in the month of May on Rs.20 Lakhs and they can take tax rebate of the same from Liability of May. (i.e Money will be blocked for 1 month with department)

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ITrend Homes

What is new for promoter builders ? | 1 BHK in Hinjewadi | Residential Apartments in Hinjewadi

Every prompter/builder has to pay Tax on RCM (reverse charges mechanism) if they purchase any goods from unregistered dealers.

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ITrend Homes

Whether there is any provision under GST to decrease the Price of flats? | Trend Homes | Residential Apartments for sale in Hinjewadi

Yes under section 171 of GST law it is mandatory to pass the input tax credit benefit to buyers. This clause is also called as Anti-Profiteering Clause. As per the said clause, the promoter/developer has to pass reduction of any tax rate to the flat purchaser by way of commensurate reduction is sale prices. The concerned authorities under GST have given powers to verify the same.

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ITrend Homes

What is the position of Under Construction of Buildings under GST? | 1 BHK in Hinjewadi | buy 2 BHK in Hinjewadi

For under construction projects, builders have to take stock which is lying as on 30/06/2017 and they are eligible to take input tax credit on the same provided these materials are supported with Invoice copies and such is not more than 1 year older of appointment date of GST.

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ITrend Homes

Whether there is any GST on sale of land and sale of residential dwellings after completion certificate? | Trend Homes | 1 BHK in hinjewadi

No there is no GST for sale of land and sale of residential dwellings after completion certificate is received provided that entire consideration is received after completion certificate.

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ITrend Homes

How to charge the rate of 12%? | Trend Homes | Residential Apartments for sale in Hinjewadi

Demand notice/letter should specifically mention Demand Amount and CGST @ 6% and SGST @6%.

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ITrend Homes

What is the rate of GST for construction of residential building? | 1 BHK in Hinjewadi | buy 2 BHK in Hinjewadi

 

Rate of GST for supply of construction service is 12% . The promoter/developers is allowed to take credit on it’s input costs i.e purchases and services provided by the contractors, sub-contractors, suppliers, professionals etc.

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