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How to opt for continuing to pay at old gst rates for flat sales

sai tax solutions chennai (proprietor) (112 Points)

18 July 2019

TO APPLY FOR CONTINUE TO PAY OLD GST RATES INSTEAD OF 5% GST WITHOUT ITC FOR NON AFFORDABLE HOMES IS THERE ONLINE FACILITY TO OPT FOR THE SAME

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 18 July 2019

The due date expired on 20/05/2019.

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CA Mayank A Jain (Chartered Accountant in Practice) (1260 Points)
Replied 18 July 2019

Now it is not possible. You should compulsorily pay at 5% or 1% only.

Shivam RC (Student) (23683 Points)
Replied 18 July 2019

The Due Date has already expired. The last date to submit the form for opting old GST Rates with ITC for the ongoing Real Estate Project was initially 10th May 2019 which was further extended to 20th May 2019.

In case, realtors do not exercise the option, they will be covered under the lower tax rate of 5 per cent and 1 per cent with effect from April 1, 2019, and will not be entitled to avail tax credit on inputs.

Warm Regards.

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