{"id":16619,"date":"2019-05-13T18:55:17","date_gmt":"2019-05-13T13:25:17","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=16619"},"modified":"2021-03-23T11:38:14","modified_gmt":"2021-03-23T06:08:14","slug":"gst-deadline-extends-for-realty-firms-to-opt-for-old-gst-rate-till-may-20","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/gst-deadline-extends-for-realty-firms-to-opt-for-old-gst-rate-till-may-20\/","title":{"rendered":"GST Deadline Extends For Realty Firms to opt For Old GST Rate Till May 20"},"content":{"rendered":"

The GST council meeting took a significant decision about the fate of realty firms in the GST regime. The council reportedly extended the GST deadline of opting for old GST slab.<\/p>\n\n\n\n

The deadline has been extended to 20th May 2019 from the earlier deadline of 10th May. Firms working under realty sector can choose their GST payment slab.<\/p>\n\n\n\n

Firms can either choose the old GST rate with an Input Tax Credit(ITC) or can shift to new GST rates. The latter option attracts a lower tax rate than the former.<\/p>\n\n\n\n

<\/p>

“The date for exercising the option for residential real estate project to either stay at old GST rate (8 per cent or 12 per cent with ITC) or to avail new GST rate (1 per cent or 5 per cent without ITC) is being extended to 20th May, 2019 from 10th May, 2019,<\/strong><\/em>” Tweet by GST Council<\/strong><\/div>
\n\n\n\n
\"GST<\/figure><\/div>\n\n\n\n

Old vs New GST Rate Option<\/h2>\n\n\n\n

Firms have the option to continue to the old GST rate slab of\n12% GST with 8% ITC. They are also given the choice of a new GST slab. The new\nslab rate states GST of 5% for residential units and 1% for affordable housing\nunits. <\/p>\n\n\n\n

However, this scheme does not include the advantage of Input Tax Credit. The rates are applicable form 1st April 2019 in case the firm opts for this rate slab.<\/p>\n\n\n\n

\"Old<\/figure><\/div>\n\n\n\n

Options for Modifications Under New GST Deadline Notification<\/h2>\n\n\n\n

As per the directions of CBIC<\/strong>[1]<\/strong><\/a><\/sup> (Central Board of Indirect Tax and Customs), the companies have a one-time option to opt for their preferable GST slab.<\/p>\n\n\n\n

Once the firm chooses a particular slab, they won’t be able to modify it later on for ongoing projects.<\/p>\n\n\n\n

In case the companies do not exercise their choice for GST slab, they by default will be in the lower tax rate slab. Hence, they will not be able to avail the benefit of the tax credit on inputs.<\/p>\n\n\n\n

Realty sector firms can communicate their choice to their\nrespective jurisdictional officers by 20th May, 2019.<\/p>\n\n\n\n

\"New<\/figure><\/div>\n\n\n\n

Conclusion <\/h2>\n\n\n\n

The real state sector is being provided with a flexible\noption to choose a tax slab of their will. This is another move of the GST\ncouncil offering the flexibility of taxation in the sector.<\/p>\n\n\n\n

GST<\/a><\/strong> deadline has been extended to 20th May, 2019, in order to benefit the firms. With the extended period more number of companies can register their choice.<\/p>\n\n\n\n\n

Read our article<\/b>:Guide on GST For Bloggers & YouTubers<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"

The GST council meeting took a significant decision about the fate of realty firms in the GST regime. The council reportedly extended the GST deadline of opting for old GST slab. The deadline has been extended to 20th May 2019 from the earlier deadline of 10th May. Firms working under realty sector can choose their […]<\/p>\n","protected":false},"author":14,"featured_media":16711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[49,438],"tags":[12,152,50],"acf":{"service_id":"68"},"yoast_head":"\nGST Deadline Extends For Realty Firms - Enterslice<\/title>\n<meta name=\"description\" content=\"In order to benefit businesses, the GST deadline has been extended to May 20, 2019. For more information on the GST on Real Estate Firms, read this article.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/gst-deadline-extends-for-realty-firms-to-opt-for-old-gst-rate-till-may-20\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GST Deadline Extends For Realty Firms - Enterslice\" \/>\n<meta property=\"og:description\" content=\"In order to benefit businesses, the GST deadline has been extended to May 20, 2019. For more information on the GST on Real Estate Firms, read this article.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/gst-deadline-extends-for-realty-firms-to-opt-for-old-gst-rate-till-may-20\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-13T13:25:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-23T06:08:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/GST-Deadline-for-Realty-Firms.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Akash Dubey","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/DSC_04891.jpg","authorDescription":"Akash Dubey is a Law Graduate and works as an\r\nAdvisor at Enterslice. He is proficient in Legal\r\nand Financial Advisory. His expertise in the\r\nskills of Legal and Financial Research is an aid\r\nto his strengths as an Advisor.","postViews":448,"readingTime":2,"nextPost":{"id":16600,"slug":"mca-introduces-companies-incorporation-fifth-amendment-rules-2019"},"prevPost":{"id":16543,"slug":"get-priority-sector-loan-from-banks-for-solar-power"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/05\/GST-Deadline-for-Realty-Firms.jpg","postTerms":"GST","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/16619"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=16619"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/16619\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/16711"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=16619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=16619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=16619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}