dilip phatak (64 Points)
22 June 2017Dear Sir, I have booked one flat for Rs.50 Lakhs in November 2016 and made an agreement by paying aaars.27 Lakhs.Whether I have to pay all amount to the builder before 30 th June.The builder is asking me to pay all amount to avoid gst of 5.5%
Please guide me
Thanks,
Dilip
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(179969 Points)
Replied 22 June 2017
As such this is the major problem of all the customers who have purchased under-construction properties and affected by GST migration.
Goverment has given ITC credit to business people for the stock at hand as on the the appointed date......... but has blindly forgotten the issue of COMMON MAN.
No doubt.........The government made its intention clear by introducing an anti-profiteering clause in the GST law to ensure that a commensurate cut in the prices on account of a reduced tax rate, or the benefit of higher input tax credit, is passed on to the consumer. It also proposed to set up an authority to monitor such instances of profiteering, but not clarified about the burning issue......... mainly because of non representation by any organization.........
I think, very soon government will notify some solution to the issue....... but till then a solution ....... to convey your builder to accept the service tax amount from your end which may be proportionately reduced from the payment schedule as and when due as per agreement..........
6 days Certification Course on GST Practical Return Filing Process
CAclubindia
