Assessee is a builder developer and they have made an agreement to sell a Flat before OC on instalments basis. Of which 70 percent of the amount is to be receivable post OC. the client of the assessee is having a contention of not paying GST on the 70 percent as it is payable after OC.
Is there any section or law to refer so as to understand the correctness of this situation.
A response would be highly appreciated.
Flat cannot be sold partly. The deed of sale is registered only once; which is recognized as its sale date; though the payment can be in installment........ AND the POSSESSION be given only after OC.
Point of sale in this case is registration of sale agreement, and hence the GST is payable over full amount, as and when payment installment realized.
GST will be applicable on the whole amount.
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