Additional, in case apartments booked previous to 1.04.2019 on which GST has been paid till 31.03.2019 on the previous rates of 8%/12% with ITC, are canceled and rebooked at the brand new rates of 1%/5% without ITC or sold after issuance of the completion certificate, the credit score is taken in respect of such apartments for providing of service till 31.03.2019 on which tax was paid @ 8%/12% with ITC shall be required to be reversed. Whether or not it is permissible for the Promoter to revise the bill as supplied in Section 34 of CGST Act, 2017, together with the issuance of Credit/Debit Notes to convey the transaction in conformity with the option exercised by the Promoter finally by the tenth May 2019?
Developer shall have the ability to challenge a Credit Word to the purchaser as per provisions of section 34 in case of change in value or cancellation of booking offered that the amount obtained in excess, if any, consequent to the issuance of Credit score Notice, is refunded to the Purchaser by the Developer earlier than September following the top of the financial year. 1,20,000 upon cancellation of the stated booking on or after 1st April 2019 in opposition to other legal responsibility of GST, including liability arising at the speed of 5%/1% offered that all the amount acquired from the buyer is refunded by the Developer. I have already paid a tax of 12% effective on installments paid before 01.04.2019. I want to get the profit of the new charge of 1% or 5%. Whether or not it’s the builder or the buyer who bang gia in uv tren mica has the choice to pay tax at the brand new or outdated rates?
It is the builder who has to exercise the option to pay tax on the development of apartments at the outdated rate of 12% latest by 10th Might, 2019. If the builder would not workout routines, his option to continue to pay tax on the old price by the said date, then the effective GST rate relevant on all of your installments payable to the builder on or after 01.04.2019 as per the contract shall be both 1% or 5%, depending on whether or not the apartment is a reasonably priced or aside from the affordable residential house. 1, 20,000 at the speed of 12% successfully in respect of a gross amount of booking of Rs. 23. Whether or not the choice to pay tax at the applicable effective price of 12% or 8% with ITC is out there to the Promoter in respect of the brand new Mission, which has been started on or after 1st April 2019?