Hi All,
I booked a flat with a builder in the year 2016 by paying considerable advance.
I got into agreement of sale on 27th December, 2017.
The builder has been collecting demands in line with construction progress since then. Builder has neared completion of the project and I release closed to 90 % of the total consideration.
I wanted to get the flat registered to get my interiors done but to my surprise the builder is demanding 12 % GST on the entire sale consideration and its taking a toll of 8 lacs on my pockets which is not anticipated. I have checked the receipts he gave for the payments done earlier and they clearly mentioned (inclusive gst) signed and stamped.
Please clarify if at all I am liable to pay GST on entire sale consideration considering the dates of booking, agreement. If so what is the rate of GST ? Will it be on entire sale consideration or will it be on demands received after GST is implemented.
Regards,
Pradeep
CAclubindia
