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Double Whammy: Realtors’ GST burden to rise

India

Double Whammy: Realtors’ GST burden to rise

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anantvijaysoni@gmail.com

Published on June 28, 2020

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Property / C’struction

Valid property corporations face a double whammy put up lockdown. No longer wonderful did work come to a cease, builders will now ought to pay a higher price of items and services and products tax if they haven’t sold at the least 80% of the construction topic topic from registered sellers.

By

Gulveen Aulakh

, ET Bureau|

Final Up to this level: Jun 29, 2020, 12.00 AM IST

properties-et — The Central Board of Indirect Taxes and Customs (CBIC) has mandated the payment of 18% GST if procurement of affords from registered sellers falls immediate of the threshold.

NEW DELHI: Valid property corporations face a double whammy put up lockdown. No longer wonderful did work come to a cease, builders will now ought to pay a higher price of items and services and products tax if they haven’t sold at the least 80% of the construction topic topic from registered sellers.

The Central Board of Indirect Taxes and Customs (CBIC) has mandated the payment of 18% GST if procurement of affords from registered sellers falls immediate of the threshold. CBIC topic offices were asked to characterize the trade that the tax for the financial one year ended March must be paid sooner than June 30. “CBIC has cleared its stand that there will be no Covid extension in the categorical property sector for tax payments due to the procurements from unregistered contributors under 80% threshold,” acknowledged Rajat Mohan, senior partner at AMRG Associates.