08 February 2023
Is GST refundable on cancellation of residential apartment I have booked a 2BHK apartment in mumbai on 28August 2021. After paying the first installment + GST, I have decided to cancel the booking as of 22 Nov 2022 The builder has paid GST in the same month. The builder is saying that GST cannot be refunded. Is this true?
Is there a clause in the GSt act that i can share with the builder that mandates him to seek GST refund from government and give it back to me?
08 February 2023
Time to get refund from the builder is over. Homebuyers may soon be able to claim GST refund directly from the government on cancellation of under-construction properties rather than going to the developer concerned.
If recommendations made by the GST council in its 48th meeting on December 17, 2022, are accepted, a mechanism would be put in place to allow unregistered entities claim refund on property purchase cancellation. This would be true even after the expiry of the time limit for issue of credit note.
CAclubindia
