A buyer has paid an advance of ₹10 lakhs for a commercial property which is under construction. Sale deed will be made for ₹25 lakhs after the completion.
My queries-
1) Is GST applicable on the advance amount of ₹10Lakhs or the whole ₹25Lakhs?
2) If GST is applicable only on advance of ₹10Lakhs since remaining ₹15 lakhs is received after completion, how to show it in the returns?
thanks in advance.
Menu
GST on advance received for under construction property
Replies (5)
GST applicable on advance.
GST also applicable on the rest of the amount also.
GST also applicable on the rest of the amount also.
Liable as and when payment becomes due as per slabs decided in the agreement.
Even if ₹15 lakhs is paid after the completion certificate of property is received i.e when sale deed is made, buyer has to pay GST on that?
Yes to that also........
I BOOKED A FLAT ON SEP 2016 AND PAID 2 LACS AS ADVANCE. NEXT ON SEP 2022 I PAID ANOTHER ADVANCE OF RS 6 LACS. NOW THE BUILDER IS ASKING FOR GST. BUT MY QUARY I HAVE BOOKED THE FLAT BEFORE IMPLEMENTATION OF GST. KINDLY SUGGEST ME, THANKS IN ADVANCE..
Recent Threads
- REBATE RECEIVED FROM FOREIGN PARTY AFTER MAKING PA
- How to fill in csv file for Schedule 112A
- Gst 2a and Gst 3b difference
- What happens if a taxpayer forgets to file ITR but
- ITR 2 / Schedule FA / Income tax
- Best CA Office Management Software Tools for 2025
- GST ON ROYALTY APPLICABLE
- Income tax Regarding Rural Agriculture land
- Need Help & Clarification in ITR filing : ITR
- HOW TO ADD BANK ACCOUNT FOR A NON RESIDENT
Related Threads
CAclubindia
