Home Forum Goods and Services Tax - GST Month 3 2021 2021 (3) This
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GST on sale of flat by owner to third party mid construction - Goods and Services Tax - GSTExtract 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 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 will there be any GST implication to the buyer if he sells the flat to the new customer for ₹ 1.75 crore?
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