Real Estate News & Updates

In the 48th GST Cabinet meeting, the finance ministry stated that there is no action for demanding a refund of tax borne by unregistered buyers in cases where the deal for the supply of services, such as the development of a flat or house and long-term insurance policy, is interrupted and the time for derivation of credit note by the troubled supplier has expired. 

Godrej Properties refunded by Rs. 100 crores for 62 acres of land in Haryana, Kurukshetra, introductory this week to develop a plotted residential project.Godrej landscape has bought an 18.6-acre plot of land in Mumbai, Kandivali, to advance a prime housing project benefit an estimated Rs. 7000 crores.It has also partnered with an investor to develop 14.27 acres of land in Gurugram, with a sales interest of around Rs 3,000 crore normal from developing a housing project on this land.Godrej Properties accomplished two approximately land effects Adding 12.4 acres in Noida last month for Rs. 377 crores. Godrej Properties is progressiveness expanding to gain on rising housing demand.

The mass of homebuyers is not certified with tax advisors under the GST law. “The GST Council approved the change in CGST Rules-2017, as well as appearing a circular, to advise the action for filing an application for allotment by unregistered buyers in such cases.” According to the advisors, it benefits consumers, such as those possession new homes. “For example, on March 31, a person paid Rs 5 lakh in GST on the home worth Rs 1 crore that was under development. However, on December 17, he cancelled the agreement. For materials made during a calendar year, the CGST law grant credit notes to be issued only by November 30, following the end of the previous fiscal year.As a result, if apartment were booked in March 2022 and interrupted in December 2022, no credit note would be issued because the cancellation appears after the November 30 deadline. “In comparison, under GST law, an application for a refund can be made within two years of the relevant date,” explained Harsh Shah, partner of Economic Laws Practice.“The only other possible option in this latitude is to request a allowance, which the provisional may do”. However, under the ‘unjust enrichment’ principle, a developer can only petition a payment if the tax is refunded to the client.