Central Government introduces amendments to the GST rates for real estate services.
Amendments cover various sections of the CGST Act, 2017, including sections 9, 11, 15, 16, and 148.
Changes made to the notification No. 11/2017- Central Tax (Rate), dated June 28, 2017.
Key amendments include adjustments in rates for construction of residential and commercial apartments.
Provision for payment of central tax in cash for certain categories of residential apartments.
Conditions outlined for availing input tax credit and payment of tax on reverse charge basis.
Clarifications provided regarding the valuation of construction services and eligibility criteria.
Amendments aimed at providing clarity and ensuring compliance in the real estate sector.
Effective from April 1, 2019, ensuring uniformity in taxation across real estate projects.
Explanation provided for terms like "developer-promoter" and "landowner-promoter" to avoid confusion.
Amendments introduced to facilitate smooth implementation and reduce ambiguity in taxation.