I did a notary agreement with builder on feb2017 and paid some advance amount, after that on 20July2017 the agreement became registered and bank dispatch 80 % of the total amount to the builder . Now when I go for the final payment to take the delivery of the flat, the builder is asking for 12 % GST on the total amount along with pre decided sqft. Rate. Is there any way to get relief from that. 1.My carpet area is 630 Sq ft 2 My Sal is 5.70 L PA 3.I am first time buyer what PM say as per the bellow link https://www.financialexpress.com/industry/no-gst-on-affordable-housing-buyers-big-step-by-modi-govt-here-is-what-every-flat-buyer-and-builder-must-know/1058354/
First thing is if you had purchased under construction house then you need to pay GST on the two third value of the house (i.e. the amount charged by the builder).
Second thing is there is no exemption to affordable housing sector persons. The only benefit is subvention in interest on the loan amount.
In order to get GST exemption, the project should be registered under PMAY.
Otherwise, you are liable to pay GST on the payment made on or after 1July 2017
Hi,
You will be liable to pay GST on the payment made post 01july 2017.
Regards,
Nikhil.
is their no way to get relief ? ;-(
is their no way to get relief ? ;-(
You need to pay GST @8% for affordable housing projects. Notary and registration of agreement is not important, the only thing relevant is how much amount you paid to builder before 1st July 2017 and post that. Amount paid before 1st July 2017 will not liable to GST as it was liable under Service tax but post GST, all payments are liable for GST.
Unfortunately no since all payment has been made in 2018 and so it will be liable to GST.
what is affordable housing projects? How Did I know that My project is in that category or not?
I think more than 50% of the units should be of 60 sqmtr to get affordable housing status.
You can check the status of project on NHB or HUDCO website.
Hopefully your question has been responded satisfactorily.