Home Forum Goods and Services Tax - GST Month 11 2019 2019 (11) This
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GST on sale of Flat - Goods and Services Tax - GSTExtract Mr. A has entered into the Agreement with the Developer, for purchasing the Flat for say ₹ 100 lac. The construction is underway. A has paid the sum of ₹ 70 lac so far and has paid Service tax, VAT and GST as the case may be, on the same. Now, before the construction getting completed, A is assigning his rights over the Flat to and in favour of B, with the consent of the Developer. The consideration amount for the transaction is ₹ 80 lac. The Developer is joining the Agreement as the confirming party. Rest of the consideration (Balance Amount) shall be paid by B to the Developer and shall also pay the GST becoming payable on the payment of the balance amount. The construction is still underway and the building has not been granted OC till date. In the mentioned perspective. A want to know, whether any GST would become payable on and in respect of the said Agreement for Assignment between A and B for ₹ 80 lac.
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