Gst on real estate

This query is : Resolved

Devendra (Querist)
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29 January 2018 Dear Members,

Mr. X has purchased a Flat (2nd Floor) which is completed (No Occupancy Certificate issued), however the Building as whole is not complete yet as few floors are still under construction. Mr. X has paid part amount of the consideration before 1st July which includes VAT & Service tax. Now, the Builder is asking for GST on the part payment of the consideration.
When Mr. X approached to the builder for reducing the price of flat in view of the benefit of availing Input Tax credit, the builder has replied that since your flat has been completed we have not utilised the Input tax credit on the same, hence you need to pay the GST on the said amount.

Whether the builder is justified in his reply and Mr. X will have to pay the GST component to he Builder.

Please guide.

Regards,
Devendra

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 January 2018 Your builder is justified if your part of the building is completed before July 2017.

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