“Effective rate of GST payable on the purchase of under-construction residential or commercial properties from builder involving the transfer of an interest in land or individual share of land to the buyer is 12% with full input tax credit (ITC)”, said CBEC. If you have opted property ...
On September 14, 2023, the Department of Finance Canada issued anews release(the “News Release”) regarding proposed legislation to be enacted in order to enhance the existing GST New Residential Rental Property (“NRRP”) rebate on certain new purpose-built rental property. The proposed m...
Rate of GST applicable on Construction of Residential Apartments With effect from 01-04-2019, effective rate of GST applicable on construction of residential apartments by promoters in a real estate project are as under: Continue reading“Rate of GST applicable on Construction of Residential Apartmen...
GST is not payable on Human hair, unworked, whether or not washed or scoured; waste of human hair Semen including frozen semen. GST on Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage is nil rate. GST is not payable on sale of Fresh vegetables...
(1), to determine the question whether the residential premises are to be used predominantly for residential accommodation, solely by reference to the physical construction of the premises, and what that construction connotes about the intention with which the premises were designed, built or ...
non-affordable housing properties are taxed at 5%, while affordable housing properties incur a tax rate of 1%. This has streamlined taxation in the real estate sector, impacting both residential and commercial properties. Furthermore, various construction materials attract GST rates ranging from 5% to...
Conclusion The decision in Safari is a High Court decision which maybe relied to avail credit pertaining to construction of building and other civil structures, meant for own use in business, and which are capitalized in books. Such credit which was not availed in past maybe availed now for ...
From sleek skyscrapers to eco-friendly residential complexes, every structure showcased meticulous craftsmanship and innovative design elements. These projects not only showcased the expertise of construction companies in Sydney but also set new benchmarks for the industry worldwide. Statistics Speak: ...
GST has put the brakes on.Comments on the impact of the goods and services tax (GST) on economic conditions in Australia as of March 9, 2001. Slowdown in the economy caused by the GST; Decline in residential construction; Rise in interest rates.BRWSkotnickiTom...
construction supplies remain distinct. GST nonetheless contributes to creating a hybrid taxing system with specific good incentives in this sector. As a result, investments in this sector are increasing, particularly in the Rental Markets, particularly in the case of homes rented for residential ...