What if the JV project initiated in 2016 and completion certificate received before 31st March 2019 and handing over to customers happens in June 2019.. There are unsold flats of Land owner on the completion date in march which got sold after 1st April as immovable property without GST and reversed proportionate ITC in books/returns. Now what is the GST on construction service to be calculated payable by Land owners and at what rate.
No GST is payable by landowner on completion date,
GST under RCM will be paid on FSI by builder
Unsold flats after completion date No GST by both Builder and Landowner
Q1 For construction services by developer to Landowner - Whether GST should be paid on unsold flats as on completion date (1 mar 2019) or unsold flats as on 1st June 2019 since flats got considerably reduced?. Whether notification 4/2018 still valid for old projects or it got superseded by 11/2019 notification which was for new projects.
Q2. Should the rate be @ 18% or 5% RCM by the developer?
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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