Real Estate Seeks GST Filing Extension
Real estate players in the State have sought an extension by two months without any interest, for filing GST their returns, citing the current full lockdown implemented in Chennai and a few other districts. The government has fixed June 30 as the last date, but real estate developers want time until the end of August.
For residential projects started after April 1, 2019, the builder has to mandatorily charge customers a concessional rate of 5% or 1% (affordable residential apartments). This is without the input tax benefit. The developer has to make sure that 80% of all inputs and services were purchased from registered dealers. If not, the developer would have to pay tax on the shortfall value.
The industry body also pointed out that with banks and offices closed in Chennai and other districts, it would be extremely difficult for its members to file the returns within the stipulated time frame. They have demanded that all deadlines need to be extended till August given the current difficult situation. Further stating, once things get back to normal, compliance would be automatic.