Yes now when he ask for GST on such advance from you, you can ask him to charge such reduced rate of GST.
Home buyer agreement registered today GST applicability
Today with the news in for reduction of GST 12 % to 5% for under construction property from January onwards. Today only I registered a new property with GST still to be paid and possession is in 2020 Dec. Can I avail this reduced benefit from the builder on GST.
Asked 6 years ago in GST
Hi,
Hope you are doing well !!
Yes, you can avail this reduced benefit from the builder on GST.
What is going on is preliminary discussion only. It all need to pass through GST council. It will take time.
GST is levied at the time of entering into transaction. Since the transaction is completed. You will need to comply with the prevailing law.
Defer the payment till notification in January.
Hi
Ideally, if payment is made in Jan and the builder has issued the invoice also in Jan, GST shall be charged @ 5% only.
However, the exact position shall be clear only after the official notification for change in rate is issued.
Try to defer the payments in the meanwhile.
Hi,
It is advisable that to defer the payment till official notification.
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