I am having query relating to applicability of GST on Purchase of Home under PMAY (Subsidy of Rs. 2.67 Lacs)
What GST rate will be applicable 8% or 12%.
Benefit of the PMAY will be credited to loan account after 2-3 months from loan approval date. In that case builder is not having information that scheme is approved or not.? Customer is demanding that as per notification GST will be applicable 8% only.
Please suggest.
Take application from the customer for charging GST at 8% due to applicability of PMAY over sanctioned loan. & write to your Jurisditional Commercial tax officer for clarification about taxation rate. Wait till the confirmation.
Till any such confirmation rate remains 12% only. On confirmation the difference can be adjusted. First your project should be approved for the scheme.
Either from balance payment due from customer, or by refund application.....
But everything is uncertain about its applicability over GST charged on earlier date.......
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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