RCM applicability for Infrastructure Business
This query is : Open
04 March 2020
Which expenses are applicable under RCM liability for Infrastructure Business ? Can any one share List of expenses which are covered under RCM ?
05 March 2020
Infrastructure business means the real estate sector. Right?
List f expenses covered under RCM for the real estate sector:-
If the promoter (Builder/developer) fails to purchase at least 80% of the value of input and input services, from registered suppliers then the promoter (builder/developer) has to pay GST @18% on reverse charge basis on all such inward supplies for the shortfall amount .Tax rate on Cement purchased from unregistered Person would be 28%.
2. On TDR or floor space index supplied on or after 01-04-2019.
3. Differential tax arising on procurement of works contract services in relation to the construction of affordable residential apartments, if 50% criteria mentioned therein are not met.
List f expenses covered under RCM for the real estate sector:-
If the promoter (Builder/developer) fails to purchase at least 80% of the value of input and input services, from registered suppliers then the promoter (builder/developer) has to pay GST @18% on reverse charge basis on all such inward supplies for the shortfall amount .Tax rate on Cement purchased from unregistered Person would be 28%.
2. On TDR or floor space index supplied on or after 01-04-2019.
3. Differential tax arising on procurement of works contract services in relation to the construction of affordable residential apartments, if 50% criteria mentioned therein are not met.
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05 March 2020
Madam, Thank your for your valuable reply.
Ours is Infrastructure Business related to Government Subcontract Work of NHAI Road Work, Aggregate Supply, Labour Work and Machinery Supply.
Request to provide expenses liable to RCM related to above nature of activity.
Ours is Infrastructure Business related to Government Subcontract Work of NHAI Road Work, Aggregate Supply, Labour Work and Machinery Supply.
Request to provide expenses liable to RCM related to above nature of activity.
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