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Gst on flat sold

Rupesh Kadam (Accountant) (39 Points)

23 January 2018

HOW TO GST IN FLAT SOLD AGREEMENT???

SUPPOSE I REGISTERED THE FLAT SOLD AGREEMENT IN JULY 2017 OF RS. 2000000/- BUT PAYMENT RECEIVED IN PARTS IN JULY 500000 IN AUG 500000 AND IN SEPT 500000.

SO SHOULD I WOULD HAVE TO PAY GST IN JULY ON WHOLE AMOUNT?? OR SHOULD I PAY GST WHEN PART PAYMENT RECEIVED?????

THANKS.......

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4 Replies

CA SUDHINDRA D S (Practising CA) (761 Points)
Replied 23 January 2018

Assuming that no Occupancy certificate GST has to be paid @ 12% on the total value (value of construction+land). GST to be collected and paid as on when the due date arises for the installments.

If Occupancy certificate is received then GST is not applicable.

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CA SUDHINDRA D S (Practising CA) (761 Points)
Replied 23 January 2018

Rupesh Kadam (Accountant) (39 Points)
Replied 23 January 2018

IF MY AGREEMENT IS REGISTERED IN 5/08/2017 AND FIRST INSTALLMENT OF RS.2000000 IS RECEIVED IN 05/09/2017, THEN I HAVE TO PAY GST @ 12% IN MONTH OF SEPT ON RS. 500000/-??????

CA SUDHINDRA D S (Practising CA) (761 Points)
Replied 23 January 2018

Assuming due date to receive and actual date of receipt of Rs.20,00,000 is 05/09/2017 then GST has to be paid on before 20th Oct 17 and returns have to be filed. GST amt = 20,00,000*12/112 =Rs.214,285 (assuming tax amt is included in the installment) or Rs.240,000 (if tax amt is exclusive).

Note that gst is not payable for ready to move in flats