Recent amendments to Notification No. 1/2017- Integrated Tax (Rate) regarding tax rates for real estate projects.
Changes made based on recommendations from the Council to ensure clarity and compliance.
In Schedule III - 18%, a new entry (452Q) added for supply of goods by an unregistered person to a promoter for project construction.
Entry specifies goods other than capital goods and cement, aligning with tax obligations of the promoter.
Explanation provided for key terms like "promoter," "project," "Real Estate Project (REP)," and "Residential Real Estate Project (RREP)."
Effective from April 1, 2019, impacting tax liabilities in the real estate sector.
Pramod Kumar, Deputy Secretary to the Government of India, oversees the implementation of these amendments.