GST on under construction property
Query (Issue) Started By: – Jitender Kumar Dated:- 9-8-2017 Last Reply Date:- 9-8-2017 Goods and Services Tax – GST
Got 3 Replies
GST
I am Jitender Kumar and stay in Bangalore, recently we have bought a flat in Bangalore on 29th May with the advance payment of 20% of total cost as booking amount. Builder has provided us payment slab with Service Tax as 4.9% which we have to pay every alternate month from August onward.
\nSince GST is in place now builder is asking us to pay 12% GST on the pending slab though we have booked the flat before July itself rather than 4.9% earlier service tax. This is creating a burden of additional 4 lakhs on us.
\nI believe that builder should not ask increased tax <\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n vt also issued circulars to discharge VAT till date of receipt as against the earlier practice of payment of VAT at the time of Registration) on 20% of the Advance amount that you have paid. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST on under construction property Query (Issue) Started By: – Jitender Kumar Dated:- 9-8-2017 Last Reply Date:- 9-8-2017 Goods and Services Tax – GSTGot 3 RepliesGSTI am Jitender Kumar and stay in Bangalore, recently we have bought a flat in Bangalore on 29th May with the advance payment of 20% of total cost as booking … Continue reading “GST on under construction property”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7009","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7009"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7009\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nWith effect from 1st July under GST, Flat sales are taxed @ 12% effective rate, and GST is liable on 80% of your Flat value @ 12%.
\nHowever Builders are given seamless credit in GST regime by allowing Input tax credit tax on all the purchases & services that has been received by him. As per Anti profiteer provisions of GST, he should pass on atleast 3-4% of tax reduction to the buyer.
\nYou can question him the same. He may get a discount\/reduction of 4% GST.
\nReply By Jitender Kumar:
\nThe Reply:
\nThansk Vamsi Krishna
\nInformation provided by you really <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n