CAN BUILDER/DEVELOPER SHIFT TO 5% FROM 12%

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..... CAN BUILDER/DEVELOPER SHIFT TO 5% FROM 12%
Query (Issue) Started By: - NAMAN DOKANIA Dated:- 19-6-2021 Last Reply Date:- 22-6-2021 Goods and Services Tax - GST
Got 2 Replies
GST
A builder .....

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..... has opted for 12% by filing annexure 4. He now wants to shift to 5%, and come under the new scheme. How can he opt for the same?? Reply By Shilpi Jain: The Reply: That is not possible. Any reason w .....

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..... hy the builder wants to do so? Also you could check if the project was a new project at 1.4.19 so that it would be automatically liable to 5% only Reply By ABHISHEK TRIPATHI: The Reply: Dear Naman .....

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..... Ji, Builder has adopted the old GST rate by filing the Annexure IV. It is not allowed to be changed (Refer the declaration in Annx. IV). In any case, if you establish that you are governed by the o .....

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..... ld rate of 5%, then you will be opening the pandora box of litigation. Resultantly, expect SCN for availing 12%. So, maybe not.
Discussion Forum - Knowledge Sharing .....

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