Rule 80% - 20% under construction contract
This query is : Resolved
08 March 2021
What is 80% - 20% Rule under construction contract for gst applicability ?
08 March 2021
Are you talking about RCM?
09 March 2021
Where it is opted for concessional rate of GST 1% / 5%, the 80% of the procurement of goods and service* should be from the registered supplier.
In the event, the above procurement* is less than 80% in a financial year, the GST at the rate of 18% shall be paid on shortfall under RCM. Such liability shall be added to the output liability of any month not later than June of the subsequent year.
In the event, the above procurement* is less than 80% in a financial year, the GST at the rate of 18% shall be paid on shortfall under RCM. Such liability shall be added to the output liability of any month not later than June of the subsequent year.
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