Sorry, you cannot vote on the same answer more than once.
GST on resale flats is not applicable if the builder has obtained completion certificate. However, if the builder or developer has not obtained the CC then the real trouble begins. Those flats will be at sub par with the under construction property, hence GST will be applicable as such.
The developers cannot afford to pass this cost on to the buyers so I believe they absorb the cost and keep the sale cycle going.
Sorry, you cannot vote on the same answer more than once.
Hi Narayandas,
Thank you for your reply.
I am purchasing this flat from first owner. First Owner has paid entire consideration including VAT to builder. First owner has individual sale agreement for that flat.
This flat is ready to move flat only completion certificate is not received.
I am not paying any amount to builder so to whom I need to pay GST amount?
Regards,
Sanjay
Sorry, you cannot vote on the same answer more than once.
Hi Narayandas,
Thank you for your reply.
First owner has paid entire consideration including VAT to to builder.
Though this flat has not received CC but flat is in ready to move condition and CC will be received in the last week of December.
I am buying this flat from first owner and not paying any amount to builder. Then to whom I need to pay GST amount.
Regards,
Sanjay
Sorry, you cannot vote on the same answer more than once.
Hi Narayandas,
Thank you for your reply.
Below answer I have received from CBIC Mitra Helpdesk.
Dear Sir/Mam,
Thank you for contacting CBIC Mitra Helpdesk.
We have received your support request, and we understand you want clarification in case resale of flat which was purchased before GST regime regarding:-
- Additional taxes applicable.
- Difference amount that need to be pay.
- VAT applicability at the time of purchase.
- You don’t need to pay any additional amount at the time of resale of flat.
- Also, there is no such difference amount that need to pay by you.
- To have clarification regarding the VAT applicability, kindly contact to the state tax authority.
Sorry, you cannot vote on the same answer more than once.
GST Update on First occupancy requires clarity first
Clause (d) of Section 7 of Central Goods and Service Tax Act, 2017
The Schedule II of the CGST Act, 2017 specifies activities to be treated as supply of goods or services. The paragraph 5(b) of the aforementioned Schedule provides that:-
“Construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after its first occupation, whichever is earlier” shall be covered under supply of service.
The reading of this item of Schedule II may lead to a conclusion that in following two situations the sale of building will not be covered under the definition of supply , accordingly will be excluded from the purview of GST:-
1) Where entire consideration has been received after issuance of completion certificate, or
2) after first occupation
Whichever is earlier.
Upon completion of the building construction, the builder or the developer of the apartment needs to apply for the ‘building completion certificate’ with the local authorities. Civic authorities issues Completion Certificate.
So, in cases where the entire consideration is received after getting the completion certificate or first occupation; the sale of building will come out of purview of GST.
However, the word "first occupancy" is very critical in the entire issue.
The language suggests that even if a single flat is occupied, the entire project will come out of purview of GST.
Practically, the project may compromise of more than one building, say 10 buildings may be there in a single project.
Say, if two buildings are under-construction and remaining 8 buildings have not yet started and occupancy of one flat out of the two under-construction buildings is given, the entire project (i.e. all the 10 buildings) will come out of the purview of GST.
Most Viewed Questions
How to download salary slip?How to Close PF Account Online ?How to Get Refund of Stamp Duty Paid in Maharashtra?How Can Change Nominee In Atal Pension Yojana?How to get salary slip online?How To Calculate Sinking Fund For Housing Society?Need to transfer PF amount and correct the father name in EPFO. How to do it?WE ARE IN PROCESS OF SELLING OUR INDUSTRIAL LAND AND BUILDING OF THE PARTNERSHIP FIRM NAME AND WOULD LIKE TO SAVE CAPITAL GAIN TAX IN A SIZABLE WAY. PLEASE GUIDE US FOR THE SAME.How To Check Gratuity Amount?What is DCRG in pension?
How to Download Income Certificate Online Tamil Nadu?How to calculate home loan EMI?What is MOD Charges for Home Loan?What is part period interest in SBI home loan?How to check APF number online?How to Avoid Part Period Interest in SBI Home Loan?Last 10 years home loan interest rates in IndiaHow to Withdraw PF for House Construction?How to Check EPF Grievance Registration Number?How to pay home loan EMI through credit card?
How to Change Email ID in PAN Card?What is Cooling Period in SBI YONO?How Much Money Can Be Transferred Through YONO SBI?How to Increase Transfer Limit in SBI YONO?How to Add Beneficiary in SBI YONO App?How to Pay SBI Home Loan EMI Online?How to Transfer Money From YONO SBI?How to Pay Loan Amount in YONO SBI?How to Preclose ICICI Personal Loan?How To Check BC Corporation Loan Status?
How to Download SBI Bank Statement?How to Check Which Number is Linked with Bank Account?How to activate auto sweep facility in SBI online?How to withdraw pension contribution in EPF?How to Deactivate Autopay in HDFC Netbanking?How to Change Mobile Number in BOB Bank Account Online?What are the Principles of Lending Followed by Banks?How to Renew ATM Card?Where is CIF Number in Central Bank Passbook?How to Know Customer ID of IPPB ?
Recently Published Questions
How to Close PF Account Online ?What is broken period interest?How to Find Cheque Number?What is Suspicious Transaction Report?The Society is Charging me Corpus Fund after 7 Years of my Agreement with the Builder and all Requisit Payments made to the Builder.Why Is there a Need for me to Show my PAN for a Loan Below 50 Thousand?Does a builder give both rent and corpus fund while redevelopment? What is corpus fund can you please explain in detail ? What is the loss of building member if they dont take corpus find? Its important as my building members are not aware about it and I dont have much knowledge please explain.What is HDFC Home Loan Interest Rate Female?What is LIC Plot Loan Interest Rate?What is Shubham Housing Finance Rate of Interest?
What is Cholamandalam Home Loan Review?What is Cholamandalam Home Loan Review?What is Cholamandalam Home Loan Review?What is Cholamandalam Home Loan Review?Which bank is best for home loan in gram panchayat?Which Tenure is Best for Home Loan?Can I buy a house with EMI?How to get top up home loan in HDFC?How much home loan can I get on 35000 salary?What Is The Equitas Bank Home Loan Interest Rate?
What is YONO SBI customer care number?How can I Get a Personal Loan?Without my knowledge the loan has been Sanctioned so what to do?पर्सनल लोन लेने के लिए क्या क्या डॉक्यूमेंट चाहिए?Can You Use a Personal Loan to Buy Land?How much Personal Loan can I Get on 30000 Salary?How much Personal Loan can I get on 25000 Salary?How to get Personal Loan Without PAN Card?ऑनलाइन पर्सनल लोन कैसे ले?How to Get 20 Lakh Loan?
How to Link Aadhar With ICICI Bank Account?Does Foreclosure Affect Your CIBIL Score?What is third party transfer ?What is the best payday loan for bad credit?How to Check Which Number is Linked with Bank Account?how much time NEFT transfer takes in SBI?How to Check My Account in Andhra Bank?How to Activate Netbanking in HDFC?How to Download SBI Bank Statement?PRCR দিয়ে ব্যান্ক টাকা কেটে নেয় কেন?
Authors Of The Question
Narayandas
0 Total Answers
GST for ready to move resale flat without flat completion certificate
Sanjay R
👁935
Views
November 15, 2021
2021-11-15T10:55:29+00:00 2023-09-21T15:52:28+00:00Comment
5
Answers
Taxes
Share