Under construction building and gst

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hardik parasia (Querist)
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22 September 2017 There is an Under construction project going onn...
Builder has entered a sale Agreement of Flat with the customer on 15th June 2017
the agreement Value is (Say) Rs. 2000000
Maharashtra VAT @1% 20000
Service Tax @ 4.5% 90000

total AMount Rs.21,10,000/-

out of this total Agreement Value after Taxes , Builder has Received Rs. 400000 as a part payment from Customer on 16th June 2017
and builder has paid total Tax liability as per agreement for the month of june i.e. Rs. 110000( MVAT & Service TAx)

My question is GST be liable to be paid for the future balance receipts to be received post July 2017 after implementation of GST..???

kindly let me know

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 September 2017 Yes GST will be liable to be paid for the future balance receipts to be received post July 2017 after implementation of GST claim credit on excess (VAT and service tax) tax paid in advance.

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