Customer adv at the time of booking a flat in Project by developer. He also paid GST on that. Now developer has given an option to change to a nre project .Developer agrees to adjust the advance amount to the new project but to refund GST to the customers. Developer can reverse the advance entry and take credit for GST paid. His GST liability gets reduced. He is willing to pass on the above
credit in GST to the customers. is it correct. otherwise what is the best method to recover the GST from developer. Anyo other alternative is available in the above for GST recovery? Will you please advice in the matter.
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Recovery of GST on cancellation of sale of flat agreement
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The developer won't be able to refund gst because the law doesn't allow. At best you can change the flat or transfer to some other person
According to clarification given by CBIC GST can be refunded on cancellation of flat BOOKING NEW DELHI: Builders will have to refund GST paid by home buyers in case he cancels the flat booked in the last fiscal and will be allowed to avail credit adjustment for such refunds, the tax department has said.
This clarification forms part of the FAQ released by the Central Board of Indirect Taxes and Customs (CBIC) on real estate sector.
Read more at:
//economictimes.indiatimes.com/articleshow/69236763.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppstt
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