{"id":61412,"date":"2019-05-16T11:38:00","date_gmt":"2019-05-16T11:38:00","guid":{"rendered":"http:\/\/blastingskyhawk.com\/?p=61412"},"modified":"2019-05-16T11:38:02","modified_gmt":"2019-05-16T11:38:02","slug":"12-gst-on-dues-if-builder-gets-completion-certificate-by-mar-31","status":"publish","type":"post","link":"https:\/\/blastingskyhawk.com\/english\/12-gst-on-dues-if-builder-gets-completion-certificate-by-mar-31\/","title":{"rendered":"12% GST on dues if builder gets completion certificate by Mar 31"},"content":{"rendered":"\n<p>Home buyers will have to pay 12% GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the CBIC has said. Builders who have received completion certificate for an ongoing project before April 1, 2019, will have to charge 12% GST from buyers on the balance amount due towards purchase of the flat.<\/p>\n\n\n\n<p>Issuing the second set of FAQs for real estate sector, the Central Board of Indirect Taxes and Customs said builders will not be able to adjust the accumulated credits in ongoing projects in case they opt for lower new GST rate of 5% for normal and 1% for affordable housing.<\/p>\n\n\n\n<p>The first set of FAQs for real estate sector was issued last week to clarify doubts with regard to migration of real estate developers to new GST rates for the sector which has come into force from April 1, 2019.<\/p>\n\n\n\n<p>The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had in March allowed real estate players to shift to 5% GST rate for residential units and 1% for affordable housing without the benefit of input tax credit from April 1, 2019.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Home buyers will have to pay 12% GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the CBIC has said. Builders who have received completion certificate for an ongoing project before April 1, 2019, will have to charge 12% GST from buyers on [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":61413,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-61412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/61412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=61412"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/61412\/revisions"}],"predecessor-version":[{"id":61414,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/61412\/revisions\/61414"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/61413"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=61412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=61412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=61412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}