I paid Rs 20000 in Mar 2017 and Rs 30000 in Jun 2017 to book a Flat in a new building in Kolkata from a Developer (Builder). Thereafter I paid Rs 750000 to the builder in Oct-Nov 2017. Rs 300000 is still outstanding which I plan to pay before 31 Mar 2018. The Builder does not have the completion certificate for the property yet. But one of the flats was already sold out in 2016 to a buyer who has been living in the flat since then. That buyer had taken possession and got his Flat duly registered in his name after paying stamp duty and registration charges in 2016 itself. My questions are related to the applicability of GST on my purchase of flat in the same building.
Question 1: Is it correct that 'First Occupation' of the Property has already taken place before my payments even though completion certificate has not been issued for the Property ?
Question 2: Is it correct that I DO NOT have to pay ANY GST as I am paying the entire consideration to the Developer (builder) 'after the First Occupation of the Property' ?
CAclubindia
