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Piyush Laddha

GST on almost complete flat

Hi All,

I am planning to purchases almost complete flat at Bangalore.
Flat is 95% ready and apartment complex is 75% ready.
OC is yet not obtained by builder.

In which category such properties are classified

Considering state of project can builder claim Input tax credit and adjust the amount in final GST payable ?

In such cases how GST will be calculated ? I understand GST on real state is 12%.

Looking forward expert opinion

Regards more  

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Shyam Shrivastava
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Chandan Pal
Most of the peoples are themselves confused about GST and propagating similar confusions. Let's put the fact straight. After 01/07/17, every material supplier will invoice based on GST rate. Builder will claim ITC over time and the benefit will pass to the purchaser on the portion of construction made using this purchase. However, every builder have many material stock upto 30/06/17 on which there will be no ITC. So accounting on FIFO and related cost requires extensive computer use. Only serious & good builder will try to pass GST benefits and these anomalies are bound to continue for some time. more  
Satya Pal Ratti
An interesting query by Mr Piyush..... Hope some CAs read this and respond...... Their reply would benefit many....... more  
SHRINIVAS Moghe
Question of passing on ITC would arrive at the time of making final payment to the builder. Unless OC is made available, final payment wouldn't be made. Thereafter flat value can be worked out for effecting registration. I think so! more  
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