Dear Expert
In the case of Builders and Developers and currently we are paying GST @ 12% on the basis of advance recd from customers, Now want to shift from 12 % to 5% .
My Question is how I move to 5%.
what is the process and how it will be done please guide me..
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Real State GST Swich from 12 To 5
Replies (1)
To move from 12% to 5% GST, you must adopt a "no-ITC" model. You are required to source at least 80% of inputs from registered vendors or pay an 18% penalty (RCM) on the shortfall, and you must ensure that all output tax is paid via the cash ledger rather than through accumulated input credits.
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