close
Share with your friends

India: GST election by builders, developers due 10 May 2019

India: GST election by builders, developers due 10 May

The KPMG member firm in India has prepared reports about the following goods and services tax (GST) developments (read more at the hyperlinks provided below).

1000

Related content

  • GST election by real estate sector due 10 May 2019: The GST council approved a transition plan for the residential segment and this was followed by a notification to this effect. Builders and developers now have an option for all ongoing residential projects to elect to pay tax at new rates (that is, the concessional rate of GST, with a condition that tax credit would not be available) or to continue with the earlier rate of GST and the associated input tax credit. In any event, taxpayers must file an application making the election by 10 May 2019. If an election is not timely made, the project will be subject to the new rates of GST. Applications must be separately made for each project. Read an April 2019 report [PDF 606 KB]

  • Kerala’s amnesty program to settle pre-GST disputes: A circular issued in connection with Kerala’s state Finance Bill, 2019, sets forth an amnesty program to settle pre-GST regime disputes. Read an April 2019 report [PDF 632 KB]

  • Sequence for use of input tax credit: The Central Board of Indirect Taxes and Customs introduced new rule 88A in the Central Goods and Services Tax (CGST) Rules, 2017, to provide relief in the sequence prescribed for use of an integrated tax credit against the output tax liability. Read an April 2019 report [PDF 574 KB] 

 

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

Request for proposal