GST on Residential Real Estate Projects (Analysis of New Tax Scheme introduced w.e.f. 1-4-2019)
When GST was introduced w.e.f, July 1 2017, the GST on real estate was fixed at 12% /18% on construction depending on whether the land value was included. The benefit of ITC was also allowed to promoters. The provisions in respect of GST on the construction of residential and commercial complexes have been completely modified with effect from April 1, 2019. Even ongoing projects are expected to shift to the new GST regime. All these provisions are discussed and analyzed in the present paper with suitable case studies.