Everything You Need to Know About GST on Real Estate in 2023

GST impacting on these real estate collaterals

• Under-Construction Properties

• Completed Properties

• Affordable Housing

• Renting & Leasing

Impact of GST on Construction Materials

• Unified tax structure

• Input tax credit

• Reduced cascading effect

• Industry experienced     streamlined tax processes

• Increased compliance

• Materials became cheaper due   to input credit

GST on Property Purchase in India in 2023

• GST on Affordable Housing – 1%

• GST on Under-Construction    Properties – 5%

• GST on Ready-to-move-in    Properties – NA

Documents Required for New GST Registration

• Proof of Identity

• Business Address Proof

• Bank Account Details & Proof

• Business Constitution    Documents

• Proof of Registration

• Digital Signature Certificate    [DSC]

• Business Activity Data

• Business Turnover Proof

• Photographs

• Visit the GST Portal Online

• Click on ‘New Registration’

GST Registration Process

• Fill out the Application Form

• Part A: Fill up the Business    Details

• Part B: Verify the Details

• Upload Necessary Documents    as per instructions

• Business Details

• Authorized Identity Details

• Verify & Submit

• Reviewing of Application

• Receive GST Certification Details

• Update Business Details