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GST on Construction
Planning to buy a 3 BHK from a land owner. There is no clarity on how much do I pay the GST and to whom should I pay and when should I pay? Also heard that if I received an occupancy certificate from the builder I need not pay any GST is it true ? Plz clarify my doubts will be very helpful.
Replies (2)
If u r buying ready possession flat i.e completion certificate is received from competence authority then there is no GST liability.....but before completion certificate u will have to pay GST @ 12%..... in addition to this if flat value is greater than 50 lakh then u will have to deduct tax at source @ 1%
Techically you wont be beneft if you pay full amount to builder for the flat having possession certificate ,.. becuase in this case the Builder has to Reverse his ITC on such flat in propotion to ITC availed on its construction . So he will definitely not charge you GST but he will quote you price for flat inclusive of GST.
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