Real estate gst impact on unsold underconstruction projects

Others 307 views 1 replies

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 !

Replies (1)

1. in case of flat is sold befor july, then follow your current practice of adjustment

 


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