GST Applicable asper booking date or Registration date

GST Applicable asper booking date or Registration date

Hi, In my case, i have booked flat on 30th of Jan'19 and paid 10% and my registration was done on 22nd of February and on the same day i.e 22nd Feb'19 they got an OC, so do i am applicable to PAY GST as my property got OC on the same day of my registration

Please advice

Regards
Bala

Asked 6 years ago in GST

Hi Bala,

Hope you are doing well !!

Yes, you are liable to pay GST as the booking is done before receiving OC.

The GST is applicable, when the complex, building or flat, is sold before its completion and the consideration, whether in full or in part, is received before its completion. So, even if you book a flat, where the builder asks you to pay just one per cent or a very nominal payment and the balance after possession, you will still have to pay the GST on the full amount. Conversely, if the entire sale consideration is paid after the building is completed, there is no GST liability.

Payal Chhajed

CA, Mumbai

5189 Answers

302 Consultations

Talk to Payal Chhajed

In case of mine, the OC date and Registration date is same, GST is applicable basis registration date or Booking date

Asked 6 years ago

Booking date.

Payal Chhajed

CA, Mumbai

5189 Answers

302 Consultations

Talk to Payal Chhajed

GST shall be applicable since the flat was booked before OC was received. Booking date is the relevant date here.

Lakshita Bhandari

CA, Mumbai

5687 Answers

943 Consultations

Talk to Lakshita Bhandari

GST will be applicable since you have booked prior to OC.

Hope it helps

Swati Agrawal

CA, Mumbai

1146 Answers

7 Consultations

Talk to Swati Agrawal

Hi,

- If the entire amount of consideration is paid after getting OC then GST is not applicable. In your case, you paid 10% amount before getting OC therefore you are liable to pay GST on full amount.

Thanks

Vivek Kumar Arora

CA, Delhi

Available Now

5015 Answers

1138 Consultations

Talk to Vivek Kumar Arora NOW!

But you have paid advance before that so GST will be applicable on it, however if you had paid amount after OC date no GST would have been applicable.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Naman Maloo

CA, Jaipur

4303 Answers

101 Consultations

Talk to Naman Maloo

Ask a Chartered Accountant

Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!

Ask a CA