A R anwar deen (accountant) (45 Points)
10 June 2017sir
I am working in a construction company(Chennai, Tamilnadu). we are flat prmoters and contructing individual building for individuals on contract basis.
I have a doubt regarding filling of Returns, in what type of return we shlould file under GST.
If we are going to construct individual building we have file the returns under workscontract basis, but if we promote residential flats what type of retun we should file under GST regime.
Please explain in detail
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(172434 Points)
Replied 12 June 2017
"but if we promote residential flats what type of retun we should file under GST regime."
Same as works contract, taxed at 18% on construction agreement. No UDS cost included.
A R anwar deen
(accountant)
(45 Points)
Replied 12 June 2017
Sir, Thank you verymuch for your advice.
I think in works contract there is no option to take ITC, but in construction of residential or commercial building and sale to the buyer there is option to take ITC.
is it correct ????
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(172434 Points)
Replied 12 June 2017
Check Sr. No. 27 of the list. "Composite supply of Works contract as defined in clause 119 of section 2 of CGST Act..........18% With Full ITC.
Even builders having more UDS percentages are going for these option against 12% with ITC available under earlier option of " Construction of a complex, building, civil structure or a part thereof, intended for sale to a buyer, wholly or partly. [The value of land is included in the amount charged from the service recipient]....12% with ITC.
A R anwar deen
(accountant)
(45 Points)
Replied 12 June 2017
Sir,
We are going to file the retrun on the basis of following option,
" Construction of a complex, building, civil structure or a part thereof, intended for sale to a buyer, wholly or partly. [The value of land is included in the amount charged from the service recipient]....12% with ITC
But how to calculate output GST( under the VAT we are calculate Output vat on basis of Deemed Sales ( i.e Purchases plus 10% margin)
Please reply Sir
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(172434 Points)
Replied 12 June 2017
Its similar to service tax output liability earlier.
Based on payments received or bills raised, whichever earlier. (See POT rules)
A R anwar deen
(accountant)
(45 Points)
Replied 18 June 2017
Now GST is implemented by the Govt of India. In this situation I have some doubts about the implication of GST on our construction industry.
1.Our company is a Construction company doing business in Chennai, Tamilnadu. We are doing construction of residential complexes and sale the Flats to home buyers (within the state of Tamilnadu only). Our Last year Turnover was Rs.8 Crore.
2.We have received the Total Sale Consideration from the Flat buyers as instalments ( As per construction Stage )for Example : Total Flat cost Rs.48 00 000/-(Assumed) including UDS of Landvalue.We have received as booking advance in the month July 2017 Rs.5 00 000/- and balance amount of Rs.43 00 000/- in the subsequent month as per Stage of the building.
3.We have purchased construction materials like sand, iron & steel, Cement, Tiles from Registered dealers from Tamil Nadu(within the state) for Rs.12 00 000/-(Assumed) and ITC available Rs.250000(Assumed)
We came to know that the GST for the Under Construction of Flats is as follows
|
Construction of a complex, building, civil structure or a part thereof, intended for sale to a buyer, wholly or partly. |
12% |
ITC Available But no Refund |
Please explain the method of Filling of GSTR 1 and GSTR 3 for the above.
Thanks in Advance
Regards
Raja A R
A R anwar deen
(accountant)
(45 Points)
Replied 18 June 2017
Now GST is implemented by the Govt of India. In this situation I have some doubts about the implication of GST on our construction industry.
1.Our company is a Construction company doing business in Chennai, Tamilnadu. We are doing construction of residential complexes and sale the Flats to home buyers (within the state of Tamilnadu only). Our Last year Turnover was Rs.8 Crore.
2.We have received the Total Sale Consideration from the Flat buyers as instalments ( As per construction Stage )for Example : Total Flat cost Rs.48 00 000/-(Assumed) including UDS of Landvalue.We have received as booking advance in the month July 2017 Rs.5 00 000/- and balance amount of Rs.43 00 000/- in the subsequent month as per Stage of the building.
3.We have purchased construction materials like sand, iron & steel, Cement, Tiles from Registered dealers from Tamil Nadu(within the state) for Rs.12 00 000/-(Assumed) and ITC available Rs.250000(Assumed)
We came to know that the GST for the Under Construction of Flats is as follows
|
Construction of a complex, building, civil structure or a part thereof, intended for sale to a buyer, wholly or partly. |
12% |
ITC Available But no Refund |
Please explain the method of Filling of GSTR 1 and GSTR 3 for the above.
Thanks in Advance
Regards
Raja A R
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
