Query:Real Estate
A Private Limited Company is selling a residential flat for which 20% consideration is taken in the financial year 2015-16, but the flat is getting registered in the customer name on July 2017. Does the provision of GST on the balance 80 % will the customner has to pay 6% CGST and 6% SGST? and whether the Builder has if any VAT bills(from july 2016-july 2017) can take input credit. Kindly resolve the matter
Yes GST will be applicable on Due/To be Billed amounts after July 2017
and about the VAT bills if they are in WIP then you can take the credit of the same but as per your construction cost incurred %age.
and If the above VAT bills you have consumed wih your revenue than you cannot take the input.
VIKAS VERMA & CO
New Delhi
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