In this article I have made an attempt to explain How new GST laws Impacts Real Estate Sector.
Definitions:-
1. Capital Goods:- As per Section 2(19) of CGST Act, 2017 capital goods means goods, the value of which is capitalized in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business.
2. Services:– As per Section 2(102) of CGST Act, 2017 services means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged.
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