GST % applicable

Dear Sir,

Hope you are doing well !!

For the ongoing projects, builders have been given the option to either continue in 12 per cent Goods and Services Tax (GST) slab with ITC or opt for 5 per cent GST rate without ITC.

“Ongoing projects” means projects where construction and actual booking started before April 1, 2019, but which was not completed by March 31, 2019.

In your case, the new rate is apply only if bulider had opted the option of new rates.

Please check the same with builder.

Otherwise, you will be liable to pay GST as per old rates.

- In your case, construction, booking and completion is completed before 31.03.2019 therefore new rate @ 5% will be applicable.

Hello Sir,

New rate i.e. 5% would be applicable for pending payment.

Yea this amount is liable to GST. The rate of tax depends on the option exercised by the developer 

The rate of 5 or 12 would depend on the scheme your builder has selected.

As the construction started before 01.04.2019 were having an option to choose between 5% without ITC and 12% with ITC.

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

Thank you.

Hello,

Yes, this balance amount is liable for GST. The rate depends on the option your builder has opted for. 

I hope this answer satisfies your requirement.

Regards,

CA Hunny Badlani

Hi,

Yes, the balance amount is liable for GST. Rate will depend upon whether the builder has choosen the scheme of reduced rate or not. If he has chosen then the rate will be 5% otherwise 12%.

Hi

12%