Taxation of GST on Builders
This query is : Resolved
13 January 2020
My Client Built One Residential Plats WITH JD total Flats are around 120 out of which My Clint is a Partnership Firm. he having 40 Flats stated in 2014 still continuing to built. as of now there is no sales. now we are going to sale How much GST to be Collecting from clients. From April 202019 i dint file the returns. previously i client input claimed but not utilised. this year we are not claiming Input. Now we are collecting Out Put GST@5% Its is correct.or How much GST To be Collect from them
Srinivas Reddy
Srinivas Reddy
13 January 2020
You cannot avail any itc. Charge and collect 5%.
13 January 2020
Yes you can go composition 5% without itc , you have to reverse itc credits shown in return.
14 January 2020
if you charge and collect 5%, ITC can not be claimed
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