New scheme for residential apartments- gst

Madhukar N Hiregange (Chartered Accountant) (39034 Points)

30 April 2019  

 The new scheme if 1/5% GST on all new real estate projects [ wef 1st April 2019]and the option of continuing in the old scheme for ONLY ongoing projects { where GST @ 12% contracted} has put the small and big players in jeopardy of making a decision before 10th May 2019 and opt properly. It could be a double whammy at times. 


We had on 10th April hosted a first note on this subject for public at large. With a bit more research now the comprehensive note has been prepared. Maybe IDTC at ICAI is doing this parallelly. But time being the essence though of sharing the little analysiis with limited resources we have shared this note. Plan to share the FAQS as and when we are able to complete in the next week or so. 

Feedback welcome to improve this note.