GST on EDC/IDC by Builder after possession
3 months ago
I have purchased constructed property in April and paid full amount and done BBA, Registry and possession and got statement of accounts with zero dues. Few days back builder served notice to pay GST on EDC & IDC with interest of 12%. Is GST applicable on EDC/IDC of completed projects and builder can demand even after possession
A.Dear Client,
In India, Goods and Services Tax (GST) is applicable on under-construction properties, including charges like External Development Charges (EDC) and Infrastructure Development Charges (IDC). However, if the property is ready and possession has been given, GST might not be applicable on EDC/IDC. It's essential to review the terms in your agreement and consult with a tax expert to clarify the specific circumstances. Builders sometimes may incorrectly demand GST post-possession, so verifying the legal aspects and your agreement with the help of a professional is recommended.
Thankyou
In India, Goods and Services Tax (GST) is applicable on under-construction properties, including charges like External Development Charges (EDC) and Infrastructure Development Charges (IDC). However, if the property is ready and possession has been given, GST might not be applicable on EDC/IDC. It's essential to review the terms in your agreement and consult with a tax expert to clarify the specific circumstances. Builders sometimes may incorrectly demand GST post-possession, so verifying the legal aspects and your agreement with the help of a professional is recommended.
Thankyou
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A.Dear Sir,
You may contact any auditor or chartered accountant as your question involves GST payment etc.
You may contact any auditor or chartered accountant as your question involves GST payment etc.
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