Menu
Regarding construction of apartments
who opts 1% scheme, for calculating 80% procurement of inputs and input services which expenses should be included for this purpose
Replies (5)
Pls. refer notification no. 3/2020- central tax rate.. it's explained with the help of examples
Inputs like Bricks, Marble, Granite, Roof tiles, Natural Sand, Glass for construction purposes, etc.
Input Services like Labour Supply Services, Rent of DC Generator Services, GTA etc.
However, Tax on Cement ( Portland/Slag Cement ) purchased from an Unregistered Dealer shall be paid @ 28% under Reverse Charge Mechanism ( RCM ) basis. [ Section 9(4) ].
Refer Notification No. 7/2019 - Central Tax ( Rate ), dated 29th March 2019 to know more regarding RCM for 80% criteria.
Also a series of FAQ's was released by CBIC on 7th May and 14th May 2019 regarding the New Scheme of Real Estate Sector.
Regards,
Shivam RC.
Input Services like Labour Supply Services, Rent of DC Generator Services, GTA etc.
However, Tax on Cement ( Portland/Slag Cement ) purchased from an Unregistered Dealer shall be paid @ 28% under Reverse Charge Mechanism ( RCM ) basis. [ Section 9(4) ].
Refer Notification No. 7/2019 - Central Tax ( Rate ), dated 29th March 2019 to know more regarding RCM for 80% criteria.
Also a series of FAQ's was released by CBIC on 7th May and 14th May 2019 regarding the New Scheme of Real Estate Sector.
Regards,
Shivam RC.
3/2019* typo error
Ok I will refer this notification
Kindly refer CBIC site
Recent Threads
- ITC cannot be denied to Bona Fide Buyers for Suppl
- Unused ITC for Hotel after GST Change
- CA FINAL SPOM
- 44ad presumption of tax
- Friendly loan to blood relative?
- Tds penalty for in operative pans
- TDS on Property- 26QB filing Doubt
- HSN code for Exempted supplies
- HSN Summary of Outward Supplies (Sales and Advance
- Joint Venture address proof under GST
Related Threads
CAclubindia
