Sir. I have booked under construction flat in 2016.It completion is only by may 2019.I have paid out 98% amount to builder as per payment schedule of completion of each slab. Part of the payment is at 8.5% service tax and other at 12%GST since its inception. Now GST rates are cut to 5% w. e. f April 2019What is the possibility of availing this benefit in my case as it is still under construction and no possession. can you please put some light
Hi
According to the updates till now, such new rate shall be applicable only for payments made after 1.4.19. There would be no benefit for higher tax paid on earlier dates. This is not going to be a retrospective amendment.
However, please wait for the official notification to be released.
Hi,
Hope you are doing well !!
GST shall be levied at effective GST rate of 5% from 1st April, 2019- .
However, we are awaiting for official notification for the same.
Payment made on or after 01.04.2019 will attract new rates.
According to the updates till now, such new rate shall be applicable only for payments made after 1.4.19.
However, we need to wait for the official notification to be released for retrospective effect.
Now if you make any payment then you can ask the builder to charge GST at such revised rate or you can tell the builder to give you the advance back and then accept advance from you at new rates.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
