I've purchased a property which is under construction and paid the first installment with 4.5% service tax.
Now with GST coming into force with a 12% rate of tax and all the other installments falling due under it. Shall I pay all my dues within 30th June or wait for them to fall due?
There is no clarity on the issue as on date. Government may come up with some solution with the issue. As a rule your contract to pay tax under old tax regime is already registered, so now new tax liability should not arise during the completion of old transaction. Secondly, government has already declared Anti-Profiteering provision under the act, so builder's should pass on the ITC benefit to customers..............
Till then ask builder to take the tax amount required to be paid to ST+Vat authorities and balance amout as and when due......
CAclubindia
