JDA Signed before 1st July 2017
Hi,
We ( 70 members ) have a piece of land and entered into a JDA before 1st July 2017 with reputed builder in Hyderabad. In return builder as done supplementary agreement post July 2017 and allotted 1 flat for each land owner.
part of JDA.Now my questions are:
1) The time we entered this JV there was no GST still we need to pay GST?
2) Landowner need to pay GST for allotted flat even though he / she keeps it for living purpose and not selling?
3) If Landowner sells the flat then how GST would be calculated? What rate? Who decide on which area and per SFT rate.
4) GST rate at the time of supplementary agreement is 12% and handover due in 2021. In this case landowner needs to pay 12% or 5 % since present rate is 5%. Builder insisting to pay 12%.
5) The builder is asking us to pay the GST before we take possession.Is it correct?
6) Do we need to pay GST to builder or Govt.? How do we pay directly to govt.? What is the guarantee that builder pay's the same amount we give to govt.
Appreciate your suggestions and advice
Regards,
Kanth
CAclubindia
