We are a unregd in GST partnership firm having a open plot, appointed a builder to construct the buliding with labour and material vide an regd agreement and paid 50% advance on agreement
According to construction agreement builder will complete the work in next 6 months which will fall in next financial year
My question is
1.when he will raise the GST invoice in our name now at the time of payment or after completion of work( We have to pay the remaining balance in 2-3 installments according to the work)
2. Is it compulsory for us to take GST registration as contract is more than 20 lakhs
3.if we take GST registration can we claim the input credit for the GST paid to the builder and if we can, in which items it is allowed like rent received or receivable in future
4.if we take GST registration should we deduct any TDS in GST LAW
Thanks in advance
If you are selling constructed flat by your own then
1. you need to charge GST from your customer (as per rules of CGST Act), read all sections related to works contract and builder
2. Bills i.e. service received from builder will be treated as contractor service and bills will be raised as per contract terms
3. You need to get registered under GST
Situation where flats can be sold by builder is not considered
in service tax it was called as triptite model, in GST also there are examples based on combination of situation
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