GST on sale of Flat

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..... GST on sale of Flat
Query (Issue) Started By: - Kaustubh Karandikar Dated:- 8-11-2019 Last Reply Date:- 26-10-2020 Goods and Services Tax - GST
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GST
Mr. A has entered into the Agreement with the Developer, for purchasing the Flat for say ₹ 100 lac. The construction is underway. A has paid the sum of ₹ 70 lac so far and has paid Service tax, VAT and GST as the ca .....

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..... se may be, on the same. Now, before the construction getting completed, A is assigning his rights over the Flat to and in favour of B, with the consent of the Developer. The consideration amount for the transaction is ₹ 80 lac. The Developer is joining the Agreement as the confirming party. Rest of the consideration (Balance Amount) shall be paid by B to the Developer and shall also pay the .....

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..... GST becoming payable on the payment of the balance amount. The construction is still underway and the building has not been granted OC till date. In the mentioned perspective. A want to know, whether any GST would become payable on and in respect of the said Agreement for Assignment between A and B for ₹ 80 lac. Reply By Shilpi Jain: The Reply: Since the transaction between A and B is als .....

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..... o happening before OC suggested to pay GST on this transaction by taking credit of the tax charged by the developer. In case the transaction between A and B is after 31.3.2019 then credit cannot be utilised by A. Else A could consider selling after OC to avoid gst liability.
Discussion Forum - Knowledge Sharing .....

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