Hi all,
I am a resident of Pune and a real estate professional working with a construction company in the sales department at a project which is now under construction. Often I am required to handle our customers' GST queries and I have some questions of my own which I would like to ask here. The queries are as follows:
1) For the new customers who have book or shall book the flats/shops after 01-07-2017 can we charge them GST as one go like we used to do in case of Service Tax & VAT.
2) How will the GST work in case of cancellation of booking.
3) In the cases where Service Tax & VAT used to charged in stages, how will the GST be worked out for balance amount which will become due in stages after 01-07-2017.
4) On which GST will considered, the sales consideration or Ready Reckoner rate or whichever is higher. Unlike VAT, in case of Service Tax it always used to be on Sales Consideration even if it was lower than the Govt. ready reckoner rates. What are the GST implications with regards to this.
5) There are couple of our customers who have booked flats very long time back and have paid major amount towards outstanding. However since they have not yet signed the Agreement to sale we have not charged them any Service Tax & VAT. How do we go about them with respect to GST.
6) There is one customer of ours who had booked flat almost 2 years back but entered into agreement only about a month before GST became applicable. After the agreement we raised our demand alongwith the Services Tax & VAT. However even after pursuing him a lot for payment he did not respond and eventually GST became applicable. So how shall this situation be tackled with respect to GST?
7) One another of our customers is now wanting to sale his flat but he has paid Service Tax and VAT lumpsum at one go very long time back. Now if he sells his flat will the buyer be required to bear GST, ours being an under construction project?
I would be extremly thankful for your kind feedback on my above queries.
Thanks in advance.
Bharat
CAclubindia
