Advocate Pranav Thakkar has been practicing judiciously and serving the legal fraternity in Gujarat ... Read More
GST Rate On Under Construction Property
An agreement for the purchase of flat under-construction was signed on June 23, 2017. The builder asked me to pay entire service tax and GST upfront on June 28, 2017, since GST was getting implemented from July 1, 2017, saying he will not charge GST. The agreement mentions payment of service tax only. 90 Per cent of the agreement value has been paid when GST was 12 per cent. Builder is now demanding GST at 12 per cent and not ready to provide input tax credit as well. Flat is still under construction
- Sector-1, Noida
The GST on under-construction flats, which are not in the affordable housing segment, has been reduced to 5% without input tax credit (ITC) from 12% earlier with the ITC.
Answered on 13 Oct 2019
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