The real estate industry has to comply with the new RERA rules as well as GST changes.
Ours is an under construction project with half the units unsold . We have a huge amount of service tax deposited with the government. But since half the units are unsold and service tax is no longer a part of the regime from July we cannot collect service tax from customers .
1) will we be able to charge the customer gst and adjust it againsg the service tax deposited from July 1st . Otherwise we suffer a huge loss
2) if there are any units sold before July can we adjust the service tax collected on the instalment against the government deposit ?
thanks !
CAclubindia
