Gst on flat

Yes, your search is correct........... GST is not applicable over any property, if completion certificate is received over the property.

Builder is trying to take advantage.......... so discuss with him about the point......... 

Shri Dhirajlalji

thank you for the prompt and quick reply. i am quite relieved to hear about GST. now i will arrange meeting with the builder

and let him know about it.

Also sir can you by any chance have the authorised page or link of GST govt of india where such law clarification is given or

exact definition is given ? so in such case i will take out print and carry along with me in the meeting which shall strengthen my case.

once again thank you and regards for your help.

Shri Dhirajlalji

thank you for the prompt and quick reply. i am quite relieved to hear about GST. now i will arrange meeting with the builder

and let him know about it.

Also sir can you by any chance have the authorised page or link of GST govt of india where such law clarification is given or

exact definition is given ? so in such case i will take out print and carry along with me in the meeting which shall strengthen my case.

once again thank you and regards for your help.

1. Question 5 & 6 from top-10-questions-gst-real-estate

7. Whether GST to be charged on flats sold even i.e. after completion?

Ans: GST will be charged only on those flats sold before getting the completion certificates. If the first consideration is received after Occupancy certificate or first occupation, then there shall be NO GST on such transactions.

from: Transactions%20by%20Venugopal

“While developers might still get some benefits for projects that are in nascent stages, they will have to bear the tax burden for the ready-to-move-in projects since they are kept out of the GST ambit,” House of Hiranandani Chairman and Managing Director Surendra Hiranandani said......

From:   gst-the-real-estate-sector-all-you-need-to-know

• Ready-to-move apartments will have no GST but the developer will only get input credits on construction costs.
• Developers will collect and pay GST on the cost of the project.
• Apartments may become costlier, due to GST compliances.
• The premium charged for ready apartments, will nullify any benefits from the GST.

Refer: gst-impact-will-ready-move-apartments-cost-less

Sr. No. 19    Construction of a complex, building, civil structure or a part thereof, intended for sale to a buyer, wholly or partly. [The value of land is included in the amount charged from the service recipient] ...................................12% With Full ITC 

From: cbec/gst/Schedule/rates/for/services

Explanation: The GST is applicable over construction services by builder, but once it is completed (as completion/occupation certificate received from local authority like municipality or town planning office), it comes out of the GST ambit for taxability.

GST will be charged just on those pads sold before getting the fulfillment declarations. On the off chance that the principal thought is gotten after Occupancy declaration or first occupation, at that point there should be NO GST on such exchanges.

Prepared to-move flats will have no GST however the engineer will just get input credits on development costs. Engineers will gather and pay GST on the cost of the venture. Flats may wind up costlier, because of GST compliances. The premium charged for prepared condos, will invalidate any advantages from the GST.

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