GST on new unsold inventory completed ready to move flat purchase

GST on new unsold inventory completed ready to move flat purchase

Sir
 I am buying a new completed ready to move flat from builder from his unsold inventory in Pune. He has completion and occupation certificate. He says that the agreement should be done before 1st July, otherwise GST will be levied at 12%. I found out from various sites that GST is not applicable for completed property. Is it also exempt for purchase of new completed flat from builder from his unsold inventory.

Asked 7 years ago in GST

Yaa, that is true. GST is not applicable on sale of completed property. But, its very difficult to say now that the agreement should be made or not. Bcoz builders are very unlikely to compute the GST Credit on inputs and then pass on you the benefit.

Vidya Jain

CA, Kolkata

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Talk to Vidya Jain

Hello Sir,

Yes, you are correct that GST is not applicable on completed properties but do cross check if your builder has received an Occupation Certificate (OC) which proves that the property is completed.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP