GST Amendment for Real Estate:
The Central Government, acting on Council recommendations, introduces amendments to GST rates in real estate transactions.
Credit Utilization for Landowners:
A significant change is made to serial number 3, allowing landowner-promoters to utilize credits of tax charged by the developer-promoter for payment of tax on apartments in the project.
Empowering Landowners:
The amendment empowers landowners involved in real estate projects by enabling them to offset taxes charged by developers against taxes on apartments they supply.
Inclusion of Maintenance Services:
Serial number 25 sees an addition to maintenance services, encompassing maintenance, repair, or overhaul services for ships, vessels, engines, and components, now taxed at 2.5%.
Effective Date:
The updated notification is effective from June 2, 2021, bringing immediate changes to the GST framework for real estate and maintenance services.
Transparent Communication:
The amendments are officially communicated through the Gazette of India, maintaining transparency and clarity in tax regulations.
Administrative Note:
Rajeev Ranjan, Under Secretary to the Government of India, signs the notification, signifying the government's commitment to clear and concise communication in financial matters.