What will be rate of GST on registration of flat which is directly bought from builder? Presently 1.25% VAT is applicable on registration of flats in Telangana. What will be the scenerio under GST regime?
shalini (CA) (525 Points)
07 June 2017What will be rate of GST on registration of flat which is directly bought from builder? Presently 1.25% VAT is applicable on registration of flats in Telangana. What will be the scenerio under GST regime?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170950 Points)
Replied 07 June 2017
VAT will be subsumed into GST. Hence VAT along with service tax will be replaced by either 12% GST with land cost, or 18% WCT without land cost, for under construction properties. No GST over ready to move in properties.
shalini
(CA)
(525 Points)
Replied 07 June 2017
Thanks..please confirm that GST and VAT both will not be applicable for registration of ready to move apartments in Telangana under GST regime
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170950 Points)
Replied 08 June 2017
YES, GST, ST and VAT will not be applicable for registration of ready to move apartments in Telangana under GST regime, provided Completion certificate of the project (may be in part) is received.
Please note that registration and stamp duty levied by sub-registrar over the registration of the sale documents will remain same as before.
maa10101
(4 Points)
Replied 21 June 2017
I purchased flat when it was getting constructed and now its completed. So if I go for registration after 1st July then do I need to pay any tax under GST?
maa10101
(4 Points)
Replied 21 June 2017
I purchased flat when it was getting constructed and now its completed. So if I go for registration after 1st July then do I need to pay any tax under GST?
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
CAclubindia
