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GST AUTHORITIES SHOULD CLARIFY ON UNDUE GST-DEMAND MADE BY PRIVATE BUILDER-GROUPS

GST AUTHORITIES SHOULD CLARIFY ON UNDUE GST-DEMAND MADE BY PRIVATE BUILDER-GROUPS Featured

Report;Odishabarta,Bureau 

New Delhi,It is quite usual that private builder-groups are charging GST on previously booked units (flats, apartments, villas etc) at the old increased GST rate of 12-percent as was before 31.03.2019, even if these units are completed and allotted after 01.04.2019 when GST-rate was reduced to 5-percent. This is despite the fact that agreements signed clearly mention that the total price would be inclusive of taxes and cesses applicable on date of agreement with a condition that any decrease in taxes and cess, the booking company shall refund the excess amount charged at old increased GST-rate. There are instances where GST was reduced from 12-percent to 5-percent w.e.f. 01.04.2019 and the project was not completed till 31.03.2019. GST on such booked unit must have been revised to 5-percent from earlier 12-percent calculated a time of booking. These builder-groups are also not giving benefit of Input-Tax-Credit (ITC) enjoyed by the builder.

GST-authorities should look into the matter, and publicise that reduced GST-slab at 5-percent may be charged for units completed and handed over after 31.03.2019 instead of 12-percent GST-rate prevailing at time of booking before 31.03.2019, and also provide benefit enjoyed by the builders under Input-Tax-Credit (ITC) provisions.

Read 186 times Last modified on Saturday, 07 September 2019 10:12
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