Taxation

GST Council stretches out due date for realty firms to select old GST rate till May 20

The GST Council Thursday extended by 10 days till May 20 the due date for real estate agents to settle on old GST rates with information charge credit for progressing tasks or move to new lower charge rates. The GST Council, headed by Finance Minister Arun Jaitley and involving state partners, had in March enabled land players to move to 5 percent GST rate for private units and 1 percent for reasonable lodging without the advantage of information charge credit (ITC) from April 1, 2019.

For the continuous activities, manufacturers have been given the choice to either proceed in 12 percent Goods and Services Tax (GST) chunk with ITC (8 percent for reasonable lodging), or decide on 5 percent GST rate (1 percent for moderate lodging) without ITC and impart to their individual jurisdictional officers the equivalent by May 10. The date for practicing the alternative for private land undertaking to either remain at old GST rate (8 percent or 12 percent with ITC) or to profit new GST rate (1 percent or 5 percent without ITC) is being stretched out to May 20, 2019 from May 10, 2019, the GST Council said in a tweet.

The GST Council Thursday extended by 10 days till May 20 the due date for real estate agents to settle on old GST rates with information charge credit for progressing tasks or move to new lower charge rates.

The Central Board of Indirect Taxes and Customs (CBIC) has given the land organizations a one-time choice to pick both of the assessment rates and once a realty designer picks a specific duty rate for continuous tasks he would not have the option to change it. On the off chance that real estate agents do not practice the option by May 20, they will be covered under the lower charge rate of 5 percent and 1 percent with impact from April 1, 2019, and won’t be qualified for-profit charge credit on information sources.

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