i am entering in an sale agreement with a builder for purchase of shop and i will make all the payments with a month. now i want to know that i have to pay vat on that(as i am entering into agreement before 3 june as before applicability of gst ) or gst ( as the registration of the property will be after 30 june.
Hello SIr,
As per the information provided by you GST will be applicable as the registration will be done post 01st July 2017 and the assume that the payment will also be made then or thereon.
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
Dear Sir,
Assuming that registration and payment will happen post 1 July, you have to pay GST.
Please feel free to revert in case of any doubts
Thanks and regards
Abhishek Dugar
CA CS B.Com
However, if you are buying a completed ready property (occupancy certificate is obtained) then GST will not be applicable.
Hello,
If the agreement is done before 30th June and the possession is transferred, then GST will not be applicable even if amount paid after 01st July 2017.
Regards
CA Keerthiga Padmanabhan
M.Com., CA, LLB
KEERTHIGA padmanabhan, can i get a reference for your answer as your opinion is different from others
query skipped.
Query specifically addressed to other consultant.
Hello,
My answer is different because it is based on two assumptions :
1. Possession should be transferred. i.e you should get possession of your shop before GST kicks in.
2. Agreement/ Purchase Deed/ Registered Agreement should be done on or before 30th June 2017.
That is just a way out for you to save up on GST. If any of it fails then GST is applicable.
Regards
CA Keerthiga Padmanabhan
M.Com., CA, LLB