Purchase of Flat

Hi Nikunj Jain,

Under ST, Point of taxation is earlier of date of receipt or date of invoice or date of completion of service. Accordingly, to the extent of amount paid for flat before 30th June 2017, ST is payable

Whereas under VAT, Point of taxation is at the time of registration of flat. However, a circular has been issued under VAT in Jun/Jul'17 asking assessees to pay tax on advance receipts received prior to 1st July 17.

You are aware that GST has been rolled from 1st July 17 wherein it states that point of taxation is earlier of date of receipt or date of invoice or date of completion of supply. (implied meaning) Further, for supplies made on/ after 1st July 17, only GST shall be levied. Accordingly, GST is liable on the amounts paid after 1st July 2017.

Hope it is clear!!