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Notification No. 02/2021 – Central Tax (Rate) – Allowing utilisation of ITC by Landowner promoter and change in GST rate of Maintenance, Repair and Overhaul services of ships and vessels

notification 03/2021 - central tax (rate)
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The CBIC has issued the Notification No. 02/2021 – Central Tax (rate) in which the following changes have been issued:-

a. Allowing the Landowner promoter to utilise the ITC charged to him by the Developer promoter for payment of tax on apartments supplied by the landowner promoter in such project

b. Reducing the GST rate of Maintenance, Repair and Overhaul services of ships and vessels to 5%

The said changes shall be effective from 2nd June 2021 onwards

To view and download the Notification click here https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-02-2021-2020-cgst-rate.pdf

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