VAT
VAT
Builder who had booked and sold flats prior to year 2013 and did not charge VAT at relevant time is now after 5 years collecting VAT .Whether the action of builder in collecting VAT is correct and leg
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5 years ago
A. Dear Mr Mehta,
The builder could have collected VAT during pre GST REGIME and claim the same carry forward VAT Inputs in GST TRAN 1 when the idea of GST was implemented.
Since the builder is now raising GST invoices and VAT, CST, has already been abolished as a part of Indirect Taxes the builder cannot charge or claim VAT neither he can take the benefit of the same in TRAN 1.
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Latest Response 5 years ago
Saket Mohta
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