Gst on under construction property purchased in 2016
This query is : Resolved
06 October 2017
Dear Sir,
I have booked a flat in Gujarat state (under construction) in Oct'2016. Banakhat and allotment letter was given to me that time.
The property value is 21,75,000/-. Out of that I have made payment of 20,00,500/-. Now balance 1,70,000/- is pending from my home loan. Builder asked me to pay service tax on the payment made to builder @ 4.5% which is 90,225/- before GST rollout.
The construction is completed and we are about to do the final registration of the property in Oct'2017. Now the builder is asking for GST charges @ 12% on the pending payment (1,70,000/-).
Please advice should I pay the GST on balance amount @ 12% or it should be @ 4.5%.
Also advice rate of stamp duty for the registration of the property in Gujarat.
I have booked a flat in Gujarat state (under construction) in Oct'2016. Banakhat and allotment letter was given to me that time.
The property value is 21,75,000/-. Out of that I have made payment of 20,00,500/-. Now balance 1,70,000/- is pending from my home loan. Builder asked me to pay service tax on the payment made to builder @ 4.5% which is 90,225/- before GST rollout.
The construction is completed and we are about to do the final registration of the property in Oct'2017. Now the builder is asking for GST charges @ 12% on the pending payment (1,70,000/-).
Please advice should I pay the GST on balance amount @ 12% or it should be @ 4.5%.
Also advice rate of stamp duty for the registration of the property in Gujarat.
CA R SEETHARAMAN
(Expert)
06 October 2017
Yes you have to pay the GST on balance amount @ 12%.
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