Tax compliance for a developer in jda, Goods and Services Tax - GST

[Akash Singh]

Hello i am in a jda with a builder. I am the land owner. The agreement happened in the year 2013 and the project is now ready to move in although it hasn't received the completion certificate.

I was given flats as part of my share in the agreement. Inorder to save me from immediate tax liability my Ca suggested that we convert the assets into stocks and pay the tax over the years.

I had held on to my share so far but want to start selling now. I want to understand:

# my gst liability if any and the gst rate ?

( even if it is to be paid by coustomers)

# can i get some input tax credit on the gst paid?

#what all taxes do i i need pay finally? ( Do i i need to pay Gst + income tax + capital gains)

Posts / Replies

[Shilpi Jain]

You will be liable to GST @5% in case of residential units and 12% in case of commercial units, booked before completion.

Else no further tax liability.

No credit would be eligible.