October 6th, 2017     Real Estate      1,964 views
Frequently Asked Questions (FAQs) on Goods and Services Tax (GST)

Test your GST knowledge for the Real Estate Sector

GST has been tagged as one of the most revolutionary tax reforms in the field of real estate. Endeavoring to eliminate the complex and ambiguous tax structure of real estate development in Ahmedabad and world over, this will be that single indirect tax-structure which will bridge the gap between the government, real estate developers and the consumers.

To test your understanding of GST in the real estate sector, here’s a short quiz!

Answers at the end of the bottom of the quiz.

  1. Which rate of GST is applicable to the construction service?
    a. 12%
    b. 28%
    c. 18%
    d. Exempt
  2. Whether credit of input works contract service available to output construction service provider?
    a. Yes
    b. No
    c. Available but to be reversed
    d. Available but refund not available
  3. Is construction service is eligible for composition scheme?
    a. Yes
    b. No
    c. Yes subject to conditions
    d. No such scheme under GST
  4. What is the limit of turnover for construction service provider to be eligible for composition scheme?
    a. 75 lakh of CY
    b. 50 lakh
    c. 75 lakh of PY
    d. Not eligible
  5. Under GST, construction service termed as _________________?
    a. Goods
    b. Services
    c. Works contract service
    d. Both a & b
  6. If consideration includes land value then what will be the effective rate of GST for construction service?
    a. 18%
    b. 12%
    c. 15%
    d. 0%
  7. In how many days payment should be done to vendors so that credit is not required to be reversed?
    a. 50 days
    b. 150 days
    c. 180 days
    d. No reversal required under GST

Answers: 1:b, 2:a, 3:b, 4:d, 5:b, 6:b, 7:c