Development agreement - GST
This query is : Resolved
21 April 2022
I am a land owner and I entered into a "Development agreement Cum power of attorney" with a builder in March 2018 for getting 40% of the flats. The builder completed construction of the flats and obtained completion certificate from competent authority in February 2020. While the builder sold his share of apartments from March 2020 to Dec 2021, I sold only one flat from my share in March 2022.
Do I need to pay GST on my share of flats? If yes, (1)when was it due, (2)what would be the total value on which GST needs to be calculated, (3) at what % of the value do I need to pay GST and (4) what is the % interest rate on GST for delayed payment, if applicable? Thanks,
Do I need to pay GST on my share of flats? If yes, (1)when was it due, (2)what would be the total value on which GST needs to be calculated, (3) at what % of the value do I need to pay GST and (4) what is the % interest rate on GST for delayed payment, if applicable? Thanks,
22 April 2022
Yes GST payable.
1 On the date of completion certificate of the flats.
2 On the builder sale value exclusive of land.
3 18% GST payable.
4 18% interest rate applicable.
1 On the date of completion certificate of the flats.
2 On the builder sale value exclusive of land.
3 18% GST payable.
4 18% interest rate applicable.
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