GST SNAPSHOT

FEBRUARY EDITION

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FEBRUARY EDITIONGST NEWSLETTER FROM GILAYON CONSULTANCY PVT . LTD .

GST Council met for the 33rd time on February 24, 2019 to deliberate on issues pertaining to the Real estate sector, which is one of the largest contributors to the national GDP and provides employment to large number of population in our country. “Housing for All by 2022” envisions that every citizen would have a house and the urban areas would be free of slums. There are reports, which shows that there had been a slowdown in the sector and low off-take of under- construction houses..

GST shall be levied at effective GST rate of 5% without ITC

on residential properties outside affordable segment;

GST shall be levied at effective GST of 1% without ITC on

affordable housing properties.

Effective date: New rate applicable from 1st of April, 2019.

Definition of affordable housing: A residential house/flat of

carpet area of upto 90 sqm in non-metropolitan cities/towns

and 60 sqm in metropolitan cities having value upto Rs. 45

lacs (both for metropolitan and non-metropolitan cities).

Metropolitan Cities are Bengaluru, Chennai, Delhi NCR

(limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon,

Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR).

To boost the residential segment, following recommendations were made by the GST Council

Advantages of the recommendations made by the GST Council

The buyer of house gets a fair price and affordable housing gets

very attractive with GST @ 1%.

Interest of the buyer/consumer gets protected; ITC benefits not

being passed to them shall become a non-issue.

Cash flow problem for the sector is addressed by exemption of

GST on development rights, long term lease (premium), Floor Space

Index(FSI) etc.

Unutilized ITC, which used to become cost at the end of the project

gets removed and should lead to better pricing.

Tax structure and tax compliance becomes simpler for builders

GST COLLECTION DROPS TO RS 97,247 CRORE IN FEBRUARY GST collections in February dropped to Rs 97,247 crore in February from Rs 1.02 lakh crore in the previous month. The number of sales return or GSTR-3B filed for the month of January up to February 28, 2019 is 73.48 lakh. "The total gross GST revenue collected in February 2019 is Rs 97,247 crore of which Central GST is Rs 17,626 crore, State GST (SGST) is Rs 24,192 crore, Integrated GST (IGST) is Rs 46,953 crore and Cess is Rs 8,476 crore," the ministry said in a statement.

N O T I F I CAT I O N   AM E N D M E N T S  

NOTIFICATION NO. 09/2019-CENTRAL TAX,DATED 20.02.2019

Due Date of furnishing of FORM GSTR-3B for the

month of January, 2019 has been extended upto 28th

February, 2019 for Jammu and Kashmir and upto 22nd

February for rest of India.

NOTIFICATION NO. 8 /2018-CENTRAL TAX,DATED 08.02.2019

Seeks to extend the due date for furnishing of FORM

GSTR – 7 for the month of January , 2019 till 28.02.2019

.

NOTIFICATIONS

E S I , P F A C T S &

I N C O M E T A X

Compliance CalendarFOR THE MONTH OF  MARCH

G S T

GSTR 1 by 11th March GSTR 3B by 20th of March

15-03-2019- PF Payment

for m/o Feb 2019.

15-03-2019- ESIC

Payment for

m/o Feb 2019

25-03-2019 – PF Return

filling for Feb -2019

(including pension and

Insurance scheme forms)

Last Installment of

Advance Tax 15th of Mar

2019.

Though every effort has been taken to provide up to date and relevant information to the readers of this newsletter, it is however not warranted that every piece of information contained herein is completely free from any errors or discrepancies. Gilayon consultancy does not take any responsibility for any results obtained due to the use of the above information

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