Till date, Central Govt. have issued 10 notifications of Central Tax Rate. By these notifications, Govt. introduced the major changes in real estate sector, new composition scheme for service provider also. Here, you will find the detailed anyalysis of all these notifications in brief.
Summary of Central Goods & Services Tax Tax Rate Notification published in 2019
Sr. no. | Date | N/N. | Original N/N | Applicable w.e.f. | Sub-Category | Category | Furhter N/Nw.e.f. | Brief content |
11 | 23.04.2019 | 21 (CT) | 02/2019 (CTR) | 23.04.2019 | GST Return & Tax Payment:All compositionn dealer (Sec-10 & N/N 02/2019) shall file;Qtrly; GST CMP-08 – Return till 18th of following quarter. | Composition New Scheme | 09/2019 (CTR) | 1. Section 10 & rule thereunder mutatis mutandis apply.2. ITC need to reverse on opening stock at the time of opting this scheme. |
10 | 10.05.2019 | 10 | 11/2017 (CTR) | 10.05.2019 | 1. Ongoing Real Estate Projects- Option to be exercised by 20.05.20192. In case, no option is exercised by May 20th, 2019 then, real estate companies shall be covered under the lower tax rate of 5 % and 1 % w.e.f. 01.04.2019 and will not be entitled to avail ITC. | Real Estate sector from April’2019 | Nil | Nil |
9 | 29.03.2019 | 09 | 02/2019 (CTR) | 01.04.2019 | 1. Section 10 & rule thereunder mutatis mutandis apply.2. Pay tax on good held in stock at the time of opting composition scheme, there after any balance in E- Credit Ledger shall Lapse. | Composition New Scheme | Nil | Nil |
8 | 29.03.2019 | 08 | 01/2017 (CTR) | 01.04.2019 | Tax Rate on goods under RCM:Promoter shall pay the tax @ 18% (9+9) on all goods other than capital goods & cement supplied from unregd. Person. | Real Estate sector from April’2019 | Nil | Nil |
7 | 29.03.2019 | 07 | Nil | 01.04.2019 | Tax to be paid on all supplies under RCM from Unregd. person:1. Promoter shall pay the tax under RCM on all supplies recvd. From unregd. Person.2.Value of Supplies (other than capital goods) – only to the extent as shortfall from the minimum value of goods or services or both required to be purchased by a promoter for construction of project.3.For Capital Goods – Tax to be paid on all supplies from unregd. person. | Real Estate sector from April’2019 | 08/2019-CTR | Tax Rate on Goods other than capital goods & cement prescibred @ 18% |
6 | 29.03.2019 | 06 | Nil | 01.04.2019 | When to pay the tax under RCM on specified services:The registered promoter require to pay the tax under RCM on supply of development rights, FSI or long term lease of land irrespective form of consideration, at the time of issuance of completion certifcate or first occupation whichever is earlier. | Real Estate sector from April’2019 | Nil | Nil |
5 | 29.03.2019 | 05 | 13/2017 | 01.04.2019 | Specify the following services on which tax to be paid under RCM:1. Development Right2. Floor Space Index3. Long Term Lease of Land | Real Estate sector from April’2019 | 06/2019 – CTR | When to pay the tax on such services |
4 | 29.03.2019 | 04 | 12/2017 | 01.04.2019 | For supplies of services namely, TDR, FSI, Long Term Lease of Land: | Real Estate sector from April’2019 | 05/2019-CTR ‘06/2019-CTR | 05: Tax to be paid under RCM’06: Tax to be paid at the time of issuance of completion certificate or first occupancy. |
Exemption: No GST to be paid on TDR, FSI & Long term lease of land if such supplies used for construction of residential project on which GST to be paid at the time of supply ( booked apartments).Tax to paid under RCM only if such supplies used for :a) the construction of commercial project.b) the construction of residential project for appartment sold after issuance of completion certificate or first occupancy (i.e. unbooked apartments).Value: Deemed to be equal to the value of similar apartments charged by the promoter from the independent buyers nearest to the date on which such development rights or FSI is transferred to the promoter. | ||||||||
Maximum Tax for such supplies if such supplies used for unbooked residential apartment:a) Affordable: 1% (0.5+0.5) of vlaueb) Other than affordable: 5% (2.5+2.5) of value | ||||||||
3 | 29.03.2019 | 03 | 11/2017 | 01.04.2019 | Will be publish in next article in detail. | Real Estate sector from April’2019 | ||
2 | 07.03.2019 | 02 | Nil | 01.04.2019 | Eligibility:1.1 Aggregate Turnover (reduced by extending deposit etc.) in P.F.Y is up to Rs. 50 Lac1.2 Aggregate Turnover (reduced by extending deposit etc.) in C.F.Y is up to Rs. 50 Lac which shall becomputed from the first day of FY.2. Not Eligible to pay the tax under composition scheme u/s 10.3. Not engaged in any inter-state outward supply or not leviable to tax.4. No supply through E-commerce operator.5. No supply of Ice cream, pan masala and tobacco and manufactured tobacoo subsitute. Tax Rate:1. Option to pay the tax @ 6% (3+3)on first supplies of goods or service up to Rs. 50 lac irrespective of type of supply (i.e. exmepted or taxable). However, no tax to be paid for outward supplies on which tax to be paid by recipient.2. Tax to be paid to the date from which he becomes liable for registration under the Act i.e. cross threshold limit of Rs. 20 Lac.3. Such tax to be paid in cash and out of pocket. | Composition New Scheme | 09/201901.04.2019 | 1. Section 10 & rule thereunder mutatis mutandis apply.2. ITC need to reverse on opening stock at the time of opting this scheme. |
From Feb.,2019, Supplies from unregd. Person shall be taxable only on specified supplies and to be paid | Supplies notified on | |||||||
1 | 29.01.2019 | 01 | 32/2017 | 01.02.2019 | by specified person. Till date, such supplies have been notified for real estate sector only [N/N 07/2019 | RCM | which tax to be paid | |
08/2017 | (CTR)]. | 07/2019 -CTR | under RCM on supplies from unregd. Person. |
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sir please clear this notification
B. in Schedule II – 6%, –
(i) after S. No. 80A and entries relating thereto, the following S. No. and entries shall be inserted namely: –
“80AA 3923 or 6305 Woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of a kind used for packing of goods”;