{"id":34,"date":"2017-10-06T11:28:06","date_gmt":"2017-10-06T11:28:06","guid":{"rendered":"http:\/\/smartfishdesigns.com\/amaya\/?p=34"},"modified":"2018-02-10T12:56:03","modified_gmt":"2018-02-10T07:26:03","slug":"test-your-gst-knowledge-for-the-real-estate-sector","status":"publish","type":"post","link":"https:\/\/amayaproperties.com\/blog\/test-your-gst-knowledge-for-the-real-estate-sector\/","title":{"rendered":"Test your GST knowledge for the Real Estate Sector"},"content":{"rendered":"<p><acronym title=\"GST full form: Goods and Services Tax\">GST<\/acronym> 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.<\/p>\n<p>To test your understanding of GST in the real estate sector, here\u2019s a short quiz!<\/p>\n<p>Answers at the end of the bottom of the quiz.<\/p>\n<ol>\n<li style=\"padding-bottom: 15px;\">Which rate of GST is applicable to the construction service?<br \/>\na. 12%<br \/>\nb. 28%<br \/>\nc. 18%<br \/>\nd. Exempt<\/li>\n<li style=\"padding-bottom: 15px;\">Whether credit of input works contract service available to output construction service provider?<br \/>\na. Yes<br \/>\nb. No<br \/>\nc. Available but to be reversed<br \/>\nd. Available but refund not available<\/li>\n<li style=\"padding-bottom: 15px;\">Is construction service is eligible for composition scheme?<br \/>\na. Yes<br \/>\nb. No<br \/>\nc. Yes subject to conditions<br \/>\nd. No such scheme under GST<\/li>\n<li style=\"padding-bottom: 15px;\">What is the limit of turnover for construction service provider to be eligible for composition scheme?<br \/>\na. 75 lakh of CY<br \/>\nb. 50 lakh<br \/>\nc. 75 lakh of PY<br \/>\nd. Not eligible<\/li>\n<li style=\"padding-bottom: 15px;\">Under GST, construction service termed as _________________?<br \/>\na. Goods<br \/>\nb. Services<br \/>\nc. Works contract service<br \/>\nd. Both a &amp; b<\/li>\n<li style=\"padding-bottom: 15px;\">If consideration includes land value then what will be the effective rate of GST for construction service?<br \/>\na. 18%<br \/>\nb. 12%<br \/>\nc. 15%<br \/>\nd. 0%<\/li>\n<li style=\"padding-bottom: 15px;\">In how many days payment should be done to vendors so that credit is not required to be reversed?<br \/>\na. 50 days<br \/>\nb. 150 days<br \/>\nc. 180 days<br \/>\nd. No reversal required under GST<\/li>\n<\/ol>\n<p style=\"text-align: right;\">Answers: 1:b, 2:a, 3:b, 4:d, 5:b, 6:b, 7:c<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/amayaproperties.com\/blog\/test-your-gst-knowledge-for-the-real-estate-sector\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Test your GST knowledge for the Real Estate Sector&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":47,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[12,10,11,13],"class_list":["post-34","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-gst-on-property","tag-information-about-tax","tag-news-about-gst-goods-and-services-tax","tag-real-estate-faqs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Test your GST knowledge for the Real Estate Sector | Amaya Blog<\/title>\n<meta name=\"description\" content=\"Answers at the end of the bottom of the quiz. Which rate of GST is applicable to the construction service? a. 12% b. 28% c. 18% d. Exempt\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/amayaproperties.com\/blog\/test-your-gst-knowledge-for-the-real-estate-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Test your GST knaowledge for the Real Estate Sector | Amaya Blog\" \/>\n<meta property=\"og:description\" content=\"Answers at the end of the bottom of the quiz. Which rate of GST is applicable to the construction service? a. 12% b. 28% c. 18% d. Exempt\" \/>\n<meta property=\"og:url\" content=\"https:\/\/amayaproperties.com\/blog\/test-your-gst-knowledge-for-the-real-estate-sector\/\" \/>\n<meta property=\"og:site_name\" content=\"Amaya Blog\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-06T11:28:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-02-10T07:26:03+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/amayaproperties.com\/blog\/wp-content\/uploads\/2017\/10\/faqs-about-gst-for-the-real-estate-sector.jpg\" \/>\n<meta name=\"author\" content=\"Amaya Properties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Test your GST knaowledge for the Real Estate Sector | Amaya Blog\" \/>\n<meta name=\"twitter:description\" content=\"Answers at the end of the bottom of the quiz. Which rate of GST is applicable to the construction service? a. 12% b. 28% c. 18% d. 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