Whether full ITC is allowable or it will be restricted to output GST liability? We have accommodation in over 150 Local Authority areas with many property types on offer including shared homes, self-contained flats/houses, supported living and state of the art developments. Nobody was present from the department’s side. The applicant in their submissions have stated that the entire FSI of 26055.00 sq mtrs. As against this, most of the housing projects in the affordable segment in the country would now attract GST of 8% (after deducting value of land). What can you do? Your email address will not be published. And whether it is mandatory to get the project registered under Pradhan Mantri Awas Yojana(Urban) in order to levy the concessional rate to the prospective buyers. This is never ending it … 21143R If you need accommodation from Advance your support team can refer you, but please register with your local authority in the first instance. The land required for the project is already possessed by the Firm. Support staff will be on hand 24 hours a day, with a sleep-in and waking night services, provided by Advance Housing and Support. Update on February 24, 2019: To boost demand in the real estate sector, the GST Council, on February 24, 2019, slashed tax rates for under-construction flats to 5 per cent and affordable homes to 1 per cent, effective April 1, 2019.Currently, the Goods and Services Tax (GST) is levied at 12 per cent with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats, where the … In this case the said Contractor will be procuring the all the material, Labour and other ancillary goods and services on his own account and will be issuing his Tax Invoice to us. For those looking for 2 BHK flat in Gurgaon ready to move, these apartments are a great option. Advance for expansion to be carried out on the upper storey of the house will be disbursed in two instalments, first instalment on executing the mortgage deed and the second instalment on the construction reaching roof-level. For more information, please refer to our Privacy Notice. What is the rate of tax to be levied by the supplier from whom we will receive Composite works contract service (Inward Supply of composite works contract)? In response to a request for clarification to enable availing 8% GST on Affordable Housing made by the builders association namely, CREDAI vide their letter no. This clause will not be applicable to the applicant because the same envisages partnership by State or Union territory or local authority or urban development authority. For existing House Building Advance beneficiaries who wish to migrate, a separate Order for migration to the revised House Building Advance rules will be issued shortly. Thus as per our interpretation of provisions of law full ITC is allowable to us and balance amount in our electronic credit ledger can be claimed as refund. 2. Advance for purchase of ready built house can be paid in One Lump Sum as Soon as the applicant executes an agreement in the prescribed form. 21143R Reg No. Hence, from a reading of the above clarification, notification and the clause (da) of item (v) of Notification No. What is the rate of tax to be levied by the supplier from whom we will received Composite works contract service (Inward Supply of composite works contract)? 21143R Advance is the trading name of Advance Housing and Support Ltd. The said notification of Department of Economic Affairs provides infrastructure status to Affordable Housing. In that case the majority of tax rate on inward supplied will be of the rate 18% or 28%. The nature of business of the firm is that of builders and developers. i. 21143R Reg No. Advance is the trading name of Advance Housing and Support Ltd. The young people will be fully supported with trained staff on hand to support them with their social and life skills as they move in to adulthood.”, In the photo: L-R: Mike Pinney – builders CG Fry, Chris Pascoe – Advance Housing and Support, Cllr Karen Rampton – Cabinet Member for Housing, Borough of Poole, Amanda Longhurst - Advance Housing and Support, Jo O’Connell – Borough of Poole, Su Spence – Poole Housing Partnership, Advance Housing and Support Limited is a registered society under the Co-operative and Community Benefit Societies Act 2014.

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