GST Impact on Under Construction Homes purchased before GST
I Booked a flat in the pre-gst regime and registeration also done, now in post gst regime my builder charges full 12% GST.
On asking for passing benefit on Input Tax Credit, he says that he will be able to ascertain the Input Tax Credit only after full project is completed in 3 years.
Is he correct??? more
On asking for passing benefit on Input Tax Credit, he says that he will be able to ascertain the Input Tax Credit only after full project is completed in 3 years.
Is he correct??? more
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The amount paid to builder in GST era should attract GST, Not the amount paid before GST period. more
Aug 16
Once you have paid the taxes at the prevailing rates and the flat was completed and handed over to you in the pre GST period, the Builder cannot demand 12% GST even though many builders try to extract money from the home buyers on one or the other pretext as there is no effective authority in any State to monitor their working. more
Aug 12
@Shantha Kumar ji, How come GST is the manufacturer's prerogative. GST has to be charged by the manufacturer under GST rules and it is not the prerogative of manufacturer at all. One has to see whether the manufacturer has paid the tax at input stage and whether such taxes have been taken into the costing. In case it (input tax) has been included in the cost, then it amounts to profiteering. Ideally all costs should be taken without input tax else the buyers have to be provided the input tax credit. I personally feel this is where the need of National Anti-profiteering Authority need to play pr-active role as the buyer is neither capable of analysing the facts nor the buyer has access to the records. more
Aug 12
This issue had come to fore several times . There has to be clarity on this . Who else will have to do that other than the GST authorities. more
Aug 12
i am not understand why the builder claim gst while the registration had made before gst regime. this could treated as double taxation. however you may corresponde with gst council helpline or tax department, so that you can get justice. however if the builder shown his tax credit input appropriately then he is not suppossed to pay further tax against gst...... more
Aug 11
