Real Estate Forum on Legal in Kharadi, Pune

GST Reverse Charge Gone ???

Q: is the Reverse charge on Housing Society Gone ?

Govt suspended in Oct 2017.

Mr. Prabhat Jain , Apartment Resident

21st November 2017

Legal in Kharadi, Pune

gst

reverse charge under gst

reverse charge mechanism under gst

what is reverse charge under gst?

gst reverse charge

Latest Answer: Hi Nikhil and Ramdas, Thanks for your detail information. Would I like to know more about Reverse Charge under Service Tax? What is the purpose of this charge?

Follow Discussion

2 Replies

Reply

Also see discussions for

Pune Kharadi Legal Legal in Pune Legal in Kharadi

Advantage of GST on society

Q: Advantage of Registration under GST
GST provided input credit benefit for all the Goods purchased or services availed by the society i.e. Lift AMC, Housekeeping, Security, Fire AMC, Repairs & Maintenance, Contract staff, Accounting & Auditing Services, Software ADDA Portal & other services etc.
For example, if the GST will be charged at the rate of 18% , or at applicable rates Reverse charge , for the services availed or goods purchased for these goods and services, same will be available for input to the society and can claim as refund if no output liability or fall under exemption with minimal compliance cost. Subject to input tax credit apportionment for taxable and exempted services. Earlier there was no credit available for good purchased for the society, under GST society can avail the benefit of input. This will reduce the overall cost to the society.

Mr. Prabhat Jain , Apartment Resident

5th October 2017

Legal in Kharadi, Pune

gst

gst rate on under construction properties

gst rates for real estate

advantages of gst on housing society

input credit

Latest Answer: But it is a win-win situation for those builders who kept their project on hold. They will have to bear the tax burden for the ready-to-move in projects since they are kept out of GST ambit. At the same time, the government has told developers to pass on any benefits that they may get under the new tax system to the home buyers.

Follow Discussion

2 Replies

Reply

Also see discussions for

Pune Kharadi Legal Legal in Pune Legal in Kharadi

GST on Under Construction building only

Q: GST on Under Construction building only

the completed flat is outside the GST.

Mr. Prabhat Jain , Apartment Resident

5th October 2017

Legal in Kharadi, Pune

gst

gst on under construction property

gst rates for real estate

Latest Answer: Hi friends, Apart from that, Stamp duty and registration charges are outside the ambit of GST now because these are state levies while property tax is a municipal levy.

Follow Discussion

2 Replies

Reply

Also see discussions for

Pune Kharadi Legal Legal in Pune Legal in Kharadi

GST on Hou Sco.

Q: Housing Societies and the current indirect tax structure
Currently, the housing societies are covered under the provision of Service Tax Act.

Mr. Prabhat Jain , Apartment Resident

3rd October 2017

Legal in Kharadi, Pune

gst

gst on housing society

service tax implication on co-operative society

maharashtra housing society is covered under gst

Latest Answer: Impact of changes post GST council meeting dated 06 Oct 2017 1 Quarterly Return filling if Society is turnover or annual receipts are less than 15 crore than SocietyRWA is require to file quarterly returns instead of monthly return 2 No RCM on purchases There wont be any RCM on input Purchases Section 94 CGST And 54 IGST from unregistered dealers so no more GST liability on RCM till March 2018 3 No Requirement to pay GST at the time of receipt of advances if taxpayer having annual turnover below 15 crore All these amendments will provide relief to the small tax payers and the CHSRWA in following the GST compliance requirement

Follow Discussion

5 Replies

Reply