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Reverse Charge Mechanism in GST- Real Estate Sector - GST Ready Reckoner - GSTExtract ..... s, offices, godowns etc.) by a promoter in an RREP Which construction project commences on or after 1st April, 2019 or in an ongoing in a Real Estate Project (herein after referred to as REP) other than RREP, (ic) Construction of affordable residential apartments by a promoter in a Real Estate Project (herein after referred to as REP) other than RREP, (id) Construction of residential apartments other than affordable residential apartments by a promoter in a REP other than a RREP In respect of above entry no. 3 covered by items (i), (ia), (ib), (ic), and (id), above, on which the promoter has not exercised option to pay central tax on construction of apartments at the rates as specified for item (ie) or (if) below, as the case may be, in the ..... x x x x x Extracts x x x x x Reverse Charge Mechanism in GST- Real Estate Sector - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... ates on reverse charge basis Time of supply - Tax under RCM on cement, received from unregistered person shall be paid in the month in which cement is received. In case of Cement purchase from unregistered person Where capital goods is received from an unregistered person, the promoter shall pay tax on supply of such capital goods at the applicable rates on reverse charge basis. Time of supply - Tax under RCM on capital goods received from unregistered person shall be paid in the month in which cement is received. Other common point for above The GST tax at the rate specified in vide Notification no. 11/2017- Central Tax (Rate) dated 28.06.2017 as amended, shall be paid in cash, that is, by debiting the electronic cash ledger only. The regi ..... x x x x x Extracts x x x x x Reverse Charge Mechanism in GST- Real Estate Sector - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... ral Tax (Rate) dated 28.06.2017 as amended on the shortfall from threshold requirement of procuring input and input services (below 80%) from registered person shall use the form DRC-03 to pay the tax electronically on the common portal within the prescribed period. Rate of Tax for the purpose of payment of RCM S. No. Nature Rate of GST as per Notification no. 1 All inputs other than capital goods and cement N.No. 01/2017-CT(R) dated 28th Jun 2017 as amended by N.No. 08/2019-CT(R) [Entry no. 452Q of Schedule III] 2 Cement As per applicable rate as per N. No. 1/2017- Central Tax (Rate) dated 28.06.2017 as amended 3 Capital goods Applicable Rate 4 All inputs services As per Sr. No. 39 of N. No. 11/2017- Central Tax (Rate) dated 28.06.2017 as ..... x x x x x Extracts x x x x x Reverse Charge Mechanism in GST- Real Estate Sector - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... natural gas], for construction of a residential real estate project during a financial year. Sl. No. Name of input goods and services Percentage of input goods and services received during the financial year Whether inputs received from registered supplier? (Y/ N) 1 Sand 10 Y 2 Cement 15 Y 3 Steel 20 Y 4 Bricks 15 Y 5 Flooring tiles 10 Y 6 Paints 5 N 7 Architect/ designing/ CAD drawing etc. 10 Y 8 Aluminium windows, Ply, commercial wood 15 N In this example, the promoter has procured 80 per cent. of goods and services including cement from a GST registered person. However, he has procured paints, aluminum windows, ply and commercial wood etc. from an unregistered supplier. Hence at the end of financial year, the promoter is not required to ..... x x x x x Extracts x x x x x Reverse Charge Mechanism in GST- Real Estate Sector - GST Ready Reckoner - GST x x x x x Extracts x x x x x
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