Gst on property purchased

Flat already registered means eirher you have been subjected to Service Tax or if the builder has obtained Completion/Occupancy Certificate no service tax should be charged legally.

VAT liability depends on which state you have bought the property in.

If you have already purchased the flat then I am assuming you have paid the entire consideration amount to the builder. Only taxes are left to be paid. In your case the contract has been entered prior to GST, payment has been made prior to GST and also supply has been done prior to GST. Hence you are liable to pay Service Tax and VAT and not GST even if you pay after 1st July 2017. But take a second opinion also.

Hi 

Thanks for details i have not pay complete amount Loan amount is still payable to Builder by bank, as loan procedures still not completed. but disbursment procedure will complete before jully only.

If loan done and bank paid amount to builder still the same is applicable ?

Yes because the procedure would be over before July. Hence the builder would receive consideration before July. Since GST is applicable not before July it cannot be taxed under GST.

Originally posted by : Studentsca
	Yes because the procedure would be over before July. Hence the builder would receive consideration before July. Since GST is applicable not before July it cannot be taxed under GST.

THANKS 

You are welcome !!!

HI
I am planning to book new flat in ready to move construction
bank process is just start can I get the benift of GST?
PLSE HELP
.

What do you exactly mean by "Benefit of GST"? Could you please clarify?

I am about to purchase a flat, the builder has got OC 2 weeks back, what will be the impact of GST if i register agreement before 30 Jun and after 1 Jul and the other question impact of GST if i pay part amount before 30 Jun and balance after 1 Jul

Hello sir new your expert advice, I have purchased a new ready to move 1bhk flat in virar without oc.i took a home loan from indiabulls and I'll be getting home loan cheque by 29-30 June 2017, stamp duty registration is already done, i have also paid vat and service tax money to builder but builder is saying that he won't be able to pay the gov service tax vat money until and unless he receive the bank sanction amount in his account. I want to know that am i liable to pay the difference amount after the gst comes. Coz even if the builder deposits the cheque on 30 june it will reflect by 2 July. Will i be exempt from gst or do i have to pay the difference amount. Plse help me out.

A RESIDENTIAL FLAT WAS PURCHASED AND AGREEMENT WAS REGISTERED IN PRE-GST REGIME.

AT THE TIME OF REGISTRATION, 1% VAT WAS PAID ON ENTIRE AGREEMENT VALUE AND 

SERVICE TAX WAS ALSO PAID ON ALL PAYMENTS MADE UPTO REGISTRATION DATE..

NO PAYMENT WAS MADE IN POST-GST PERIOD.

NOW THE BUILDER HAS RECEIVED O.C.

AND LAST INSTALLMENT IS PENDING TO BE PAID.

IS GST APPLICABLE ON THIS LAST INSTALLMENT WHEN VAT HAS ALREADY BEEN PAID ON FULL AGREEMENT VALUE AND O.C. HAS BEEN RECEIVED?