GST will be applicable on the sale of under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale
has CC been obtained for 12 th floor ? kindly clarify
GST on purchase of flat in an apartment building
Dear Sir, I am going to purchase a flat on the 12th floor in a building complex in the month of March 2019. Promoter of this complex got partial CC from from the Kolkata Municipal Corporation on 18th Feb. 2019. Shall I have to Pay GST ?? I came to know that if building got CC from appropriate authority then GST not required but here my promoter got partial CC and my promoter saying that I have not to pay GST. Please advise me in an urgent basis. One another question who will be liable to pay GST, Promoter or Buyer ?? Thanks, Amitava Mondal.
Asked 7 years ago in Taxation
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9 Answers
There must be full CC, not partial
If partial CC is received, then GST will be payable by buyer
Dont make payment now
From 1.4.19, the GST rate is reduced to 5% from 12%
And if price is below 45lacs, then GST is 1% provided area of flat is 60 sq.mtrs
You can pay some token for now and book the flat
Dont make substantial payment now till government notification on reduced gst rate is out
See the completion certificate is submitted by builder it is not received from.the authority so when such certificate is submitted issued by Architect then in that case GST is not payable .
The OC is issued by the authority so in case plans are approved and CC is submitted then in that case GST is not payable.
1) New GST rule will be applicable from 1st April 2019.
2) The GST Council also decided to re-define a affordable home. By the new definition, it will be a house/flat of carpet area up to 90 sq m in non-metropolitan cities/towns, and 60 sq m in metropolitan cities having value up to ₹45 lakh (for both).
3) Under the new structure, normal under-construction houses will attract GST at 5 per cent against the present effective rate of 12 per cent. Similarly, the levy on affordable homes will be 1 per cent against 8 per cent.
Dear Sir,
Please ask your above question on www.taxfull.com which is sister concern of www;kaanoon.com, where is experts will be Chartered Accounts.
There is no GST on purchase of completed flats or ready to move-in properties.
Gst is payable by under construction flat is revised to 5% and ready to use homes at 1% now. Buyer pays the gst
GST is payable at the rate of 5% on the entire amount of the sale price there is nothing like that no rebate available if the Builder have CC and OC certificate the Builder has to receive the GST at the applicable rate at that time because it is reduced from 12 % to 5% and no duty drawback is available if invoice for sale of property is done well before the changes notified by the GST Council then it will be applicable at the previous rate
A perception has gained ground in the Indian housing market that the Goods and Services Tax (GST), is only applicable to under-construction projects and hence, ready-to-move-in apartments are exempt from the GST.
Since you are going to buy a ready to move in flat, you may not have to pay the GST.
