GST ON advance receipts-flats booking (till project is not started)

This discussion clarifies the Goods and Services Tax (GST) applicable to advance payments received for flat bookings, even before the project has commenced. The applicable GST rate, whether 1% or 5% without Input Tax Credit (ITC), depends on the flat's size and value (under ₹45 lakhs) and remains the same as declared after April 1, 2019. Discounts offered to clients on advance plot bookings are also mentioned.