Real Estate Forum on Input Credit

GST on ready-to-move-in commercial property

Q: What will be the GST on a ready-to-move-in commercial shop from a builder wherein he is still waiting to get the Occupancy Certificate? Can the builder get the input benefit from the government on a deal?

Padma G

16th August 2018

Property Tax in Kharghar, Navi Mumbai

occupancy certificate

gst

input credit

gst on commercial properties

Latest Answer: GST is applicable on properties that have not yet received the Completion or Occupancy Certificate. Ready-to-move apartments will have no GST but the developer will only get input credits on construction costs. Developers will collect and pay GST on the cost of the project.

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Advantage of GST on society

Q: Advantage of Registration under GST
GST provided input credit benefit for all the Goods purchased or services availed by the society i.e. Lift AMC, Housekeeping, Security, Fire AMC, Repairs & Maintenance, Contract staff, Accounting & Auditing Services, Software ADDA Portal & other services etc.
For example, if the GST will be charged at the rate of 18% , or at applicable rates Reverse charge , for the services availed or goods purchased for these goods and services, same will be available for input to the society and can claim as refund if no output liability or fall under exemption with minimal compliance cost. Subject to input tax credit apportionment for taxable and exempted services. Earlier there was no credit available for good purchased for the society, under GST society can avail the benefit of input. This will reduce the overall cost to the society.

Mr. Prabhat Jain , Apartment Resident

5th October 2017

Legal in Kharadi, Pune

gst

gst rate on under construction properties

gst rates for real estate

advantages of gst on housing society

input credit

Latest Answer: But it is a win-win situation for those builders who kept their project on hold. They will have to bear the tax burden for the ready-to-move in projects since they are kept out of GST ambit. At the same time, the government has told developers to pass on any benefits that they may get under the new tax system to the home buyers.

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Is VAT applicable for under construction property before June 2017 but getting registered in July 2017?

Q: I bought a flat in Hyderabad telangana for which all payments have been completed before June 30th 2017. However i waited for registration to be done in July post GST thinking that VAT which is to be paid pre-GST will get subsumed in post GST period. However my builder is still insisting on paying up VAT? Can anyone please confirm if there is a need to pay VAT now ?

gaurav , Apartment Resident

24th July 2017

Property Tax in Hyderabad

vat

input credit

is vat applicable for under construction property?

Latest Answer: No, you do not have to pay VAT for your flat. You have to Pay only Stamp Duty - 4.5%, Registration Charges - 1.50% and transfer Fee - 0.50%. Your builder has to pay VAT and later apply for the Input Credit and later he will pass it on to us.

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Hyderabad Property Tax Property Tax in Hyderabad

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Real Estate Forum on Input Credit

Real Estate Property Discussion Forum and Guide to Real Estate Queries

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