A promoter has started construction of residential apartment before 1.7.2017 and all flats have been booked before 1.7.2017 also 99% construction has been done before1.7.2017. Now in the month of November, 2017 the promoter will receive the balance amount from the customers and transfer the flats to customers.
Is GST applicable in this case? explain in details plz.
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GST ON WORKS CONTRACT
Replies (3)
Yes GST will be applicable (provided he is registered under GST) over balance payments...
but sir he has purchased all the building materials by paying VAT. and now he will charge GST on balance payment. So technically he can not claim any ITC. So it will be the extra burden on flat puchaser.
if OC or completion certificate received for those units constructed than no GST is applicable .. other wise for balance amount GST is applicable as per my view.
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