31 July 2018
WE ARE THE BUILDER ENTERED IN TO JV WITH THE OWNER OF A PROPERTY AND WE HAVE GIVEN 2 FLATS FOR THEM AND 4 FLATS FOR US.THE OWNER HAS GIVEN POWER FOR THE UDS OF 4 FLATS TO US. WHAT IS THE GST IMPLICATION FOR THE BUILDER AND THE OWNER.SINCE THERE IS NO COMPLETION CERTIFICATE FOR THIS TYPE OF PROJECT IF WE PRODUCE THE TAX ASSESMENT AND ELECTRICITY BILL WILL IT BE TAKEN AS PROJECT COMPLETED SO NO GST. WHAT IF WE RECEIVE THE ADVANCE BUT NOT REGISTERED THE UDS AND REGISTER THE UDS AFTER GETTING THE TAX ASSESSED WILL IT NOT COVER GST? IS OWNER IS ALSO HAS TO PAY GST EVEN IF HE RETAINS THE FLAT FOR HIS OWN USE. GOWRISHAKAR
31 July 2018
Builder is liable to levy GST from both the owned and other flat buyers( if received any payment prior to completion) . Regarding completion certificate, obtain it from an architect/ chartered Engineer
06 August 2018
Sir your query is quite complex in the nature - even many experts have divergent views on said topic and for the same one need to see agreement entered between parties
CAclubindia
