12%
Under construction flat
As we know GST has been reduced from 12% to 5% in under construction property, but this comes into effect from April 1, 2019. So if a builder demands a installment of payment (in a construction linked payment schedule) on March 20th, 2109 with payment due on 1st April, what GST rate does this installment attract -5% or 12 %?
Asked 6 years ago in GST
GST needs to be collected on payment or credit whichever is earlier and since payment has been made first in March you need to pay 12% GST.
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Mr .Maloo, the payment was not made in march, the demand was raised in march with last date of payment on 1st april.
Asked 6 years ago
Demand will be raised through invoice only therefore rate of 12%. Rates are linked to payment dates or when invoice is raised.
I have said that rates depend on payment or credit whichever is earlier now since he has raised invoice so you need to pay 12% GST.
Hi
Gst will be 12% in this case
Hope it helps
Hi
Since the builder would raise an invoice in the month of March itself, 12% rate shall apply.
The GST rate shall apply of the rate prevalent on date of raising an invoice or date of payment, whichever is earlier.
Dear Sir,
Hope you are doing well !!
It should be 12%.
GST rates are based on payment or date of invoice, whichever is earlier.
12% will be applicable.
12% will be applicable.
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