Sakshi Yadav | Legistify

Sakshi Yadav
Answered on 22 Nov 2019

No, you can claim the same from the builder and if he denies to refund or adjust the same, then you can file a RERA complaint regarding the extra amount you paid in the name of GST. Read More

Posted on 15 Nov 2019 | 2 Answers

Team Legistify | Legistify

Team Legistify
Answered on 10 Dec 2019

he concessional rate, which came into effect April 1, was set at 1% for affordable houses and 5% for others, from the earlier 8% and 12%, respectively.Read More

Posted on 08 Aug 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 10 Dec 2019

GST will be levied at effective rate of 5% without ITC on residential properties outside affordable segment, while GST shall be levied at effective GST of 1% without ITC on affordable housing properties.Read More

Posted on 08 Aug 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 10 Dec 2019

You cannot claim reverse ITC on those items since the raw material has not been returned. You can only reverse the ITC when the goods are returned to you.Read More

Posted on 21 Aug 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 02 Dec 2019

Excise Duty is now subsumed under GST regime, except for certain goods and services.Read More

Posted on 21 Aug 2019 | 1 Answer

Arshi Noor | Legistify

Arshi Noor
Answered on 26 Nov 2019

The GST will be calculated individually for the projects as the price and the flats are different.Read More

Posted on 20 Nov 2019 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 18 Nov 2019

GSTR 7 once filed cannot be revised. Any mistake made in the return can be revised in the next month's return. It means that if a mistake is made in GSTR 7, rectification for the same can be made in GSTR 7 of the following month or in later months when the error or omission is identifiedRead More

Posted on 22 Aug 2019 | 1 Answer

Sakshi Yadav | Legistify

Sakshi Yadav
Answered on 11 Nov 2019

Manufacturing exporters and suppliers to SEZ, who want to claim a refund of ITC, have to file an application in Form GST RFD-01A on the common portal and thereafter manually submit a print out of the form along with other documents to the jurisdictional officer.Read More

Posted on 06 Sep 2019 | 1 Answer

Arshi Noor | Legistify

Arshi Noor
Answered on 01 Nov 2019

At the 33rd GST Council Meeting held on 24th February 2019, new GST rates have been introduced for residential real estate which will come into effect from the 1st of April 2019. The new GST rates on residential real estate transactions have been proposed as follows: GST to be charged at 5% without Input Tax Credit (ITC) on residential properties that are not part of the affordable housing segment. GST to be charged at 1% without ITC on residential properties that are included in the affordable housing segment. Read More: Get complete details of the 33rd GST Council Meeting Proposals GST on real estate in case of under construction properties is 12%. GST does not apply to sale of completed properties (where completion certificate has been issued) or to the resale of old properties. Builders receive input tax credit on the materials purchased from suppliers/contractors and under the current GST structure, were expected to pass it on to home buyers. However this has not happened so far. As a result there may be changes in the GST regime with respect to real estate in the future. Real Estate has historically been a preferred investment choice for many Indians and the sector has been driven to a large extent through investments made in the residential property segment. A joint report from JLL and CREDAI (Confederation of Real Estate Developers’ Associations of India) has estimated that housing sector investments in India since 2014 amounted to Rs. 59,000 crore and accounted for approximately 47% of the total investments in the sector with projections indicating further increase in the coming years.Yes you can ask for proof of payment.Read More

Posted on 10 Sep 2019 | 1 Answer

Tanya Mahajan | Legistify

Tanya Mahajan
Answered on 30 Oct 2019

Small businesses with a turnover of less than INR 20 lakhs can voluntarily get their GST registration in India. Businesses with turnover 20 lakhs to 1 crore can opt for composition levy. But composition levy comes with additional disadvantages such as not being able to collect any tax from their customers or avail input tax credit.Read More

Posted on 17 Oct 2019 | 1 Answer