GST Rate on Real Estate

Stephen Badiger (Tax Consultant) (26 Points)

01 March 2021  

Dear Team, 

I have a client who has opted for 1% GST rate under affordable pricing. Here are few of the doubts.

1. Few of the flats are more than 90sqmtr, would he still use 1% or becomes 5%?

2. The building has few shops, what will be gst rate for them?

3. Since he took 1% without GST, he had to offset the liability without ITC, but the system took his previous ITC balance to set off the liabilities, what do we do ?

 

Awaiting your expert advice. 

 

Thank you.