TDS AND GST ON UNDER CONSTRUCTION RESIDENCIAL FLAT

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This query is : Resolved

Quick Summary

If you're buying an under-construction residential flat costing over 50 Lakhs, you'll need to pay 5% GST on top of the agreed price. Additionally, you must deduct 1% TDS from each payment instalment and deposit it with the government using form 26QB within 30 days of the month's end.

UDAY GAJANAN DATAR

UDAY GAJANAN DATAR (Querist)

17 July 2023 SIR
I AM STAYING AT BARRACKPUR NEAR KOLKATA, WEST BENGAL
I HAVE BOOK 1 FLAT UNDER CONSTRUCTION WHICH WILL COST AROUND 60 LAKH.
1) BUILDER SAYS I HAVE TO PAY 5 % GST AND I AM READY TO PAY AND HE SAYS I SHOULD NOT DEDUCT 1 % TDS
2 ) BUT WHEN SEARCHED ON INTERNET IT SHOWS THAT WHILE PAYING TO BUILDER'S I SHOULD DEDUCT 1% TDS AND PAY TO BUILDER.
MY QUESTION IS -- MY PROPERTY IS MORE THEN 50 LAKH AND UNDER CONSTRUCTION SO I SHOULD DEDUCT TDS AS WELL AS I HAVE TO PAY GST OR NOT ??
OR I SHOULD PAY ONLY GST ???
PLEASE TELL ME
THANKS
UDAY

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

17 July 2023 You have to pay GST over and above the agreed value of the flat.
You have to deduct 1% from each of installment of payments as TDS and same is to be deposited to Government treasury by filing form 26QB, within 30 days from the end of month.

UDAY GAJANAN DATAR

UDAY GAJANAN DATAR (Querist)

18 July 2023 SIR
THANK YOU SO MUCH.
UDAY DATAR

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

18 July 2023 You are welcome.

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