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Input on Real Estate
Can a person having real estate business take input credit of purchases made during the construction of the residential building?
Replies (6)
With new rates of GST over construction of housing projects, its not available.
But yes, over other general construction services with 18% GST rates.
Thank you for your reply Sir.
Here general construction service is other than residential house right?
Also, what shall be done of the carried forward credit of last year?
Here general construction service is other than residential house right?
Also, what shall be done of the carried forward credit of last year?
1. Correct..
2. For builders opting for new rates, old its is transferred to P&L acc as cost.
Sir is it an option to change to new rate or is it mandatory?
I thought it was mandatory to change to the new rates.
I thought it was mandatory to change to the new rates.
For old projects there was an option available to continue with prevailing rates with ITC. But the date to inform CBEC about same is lapsed.
what is the gst rate for affordable housing ? kindly provide me with area wise datails .
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