TaxTMI 
TaxTMI 
GST on sale of flat by owner to third party mid construction
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....ST on sale of flat by owner to third party mid construction<br> Query (Issue) Started By: - Dinesh Mehta Dated:- 8-3-2021 Last Reply Date:- 10-3-2021 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>A buyer purchases flat in an under construction property for ₹ 1.5 crore. He pays 70% of the installments but thereafter decides to sell the same to a new customer. The Builder / developer....
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.... has paid GST on 70% of the installments after recovering the same from buyer. In this case, the buyer enters into a tripartite agreement with the new customer where the builder is a confirming party. What shall be the GST implication thereafter? Will the builder / developer continue to pay GST on balance 30% or will he issue credit note to the buyer and recover full GST from new customer? Also ....
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....will there be any GST implication to the buyer if he sells the flat to the new customer for ₹ 1.75 crore? Reply By Ganeshan Kalyani: The Reply: Sir, the property is under construction , so the supply would attract GST. Reply By KASTURI SETHI: The Reply: I support the views of Sh.Ganeshan Kalyani Ji. GST is applicable on under construction property. Also Go through the decision of AAR Utt....
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....arakhand reported as 2020 (35) GSTL.510 (AAR -GST-UK) = 2020 (4) TMI 67 - AUTHORITY FOR ADVANCE RULING, UTTARAKHAND. Applicant : Rajiv Bansal and Sudarshan Mittal. In addition to above, it is further opined that a perusal of para no.5 of Schedule-III along with para no.(b) of Schedule-II makes it clear that ready-to-move-in or completed property does not attract GST.<br> Discussion Forum - Knowle....
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....dge Sharing ....