Gst on Real Estate Sector
If any entity misses the date 2o th May on which it should opt one time option to stay in 12% gst rate , whether there is any way to exercise that option?
Replies (2)
No, unless amended in future.
In the provisions, we do not see this option. However, in new laws- one challenge which remains is IF IT IS ARBITRARY, UNREASONABLE, AGAINST THE FUNDAMENTAL RIGHTS ENSHRINED IN THE CONSTITUTION- ART- 14 ( EQUALITY) OR 19(1) (G) RIGHT TO BUSINESS)
It is also a fact that the govt issued a second round of clarification on the subject a few days before 20th deadline.
Two ways in which the issue can be resolved. Push thru the trade assn/ CREDAI for an extension request to GST council. File writs. In the meantime file the option as soon as possible to put on record.
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