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Anonymous

Posted 1 month ago

Can builder charge input tax credit loss and GST from customers? I am purchasing property where builder is charging input tax credit loss and GST is this legal?
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A. Dear Sir, if you are purchasing the flat from the builder who is registered as a taxpayer in GST Regime and files his returns the builder in that case is supplying you his services and hence GST would be applicable. Moreover GST is only applicable when supply of goods, services or both is made by any business entity . This GST charged by you will be directly paid off to the government by the supplier after filing GSTR 3B and will also be shown as a sale to Business to Consumer *being unregistered person) in his GSTR 1.
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Saket Mohta Exp: 1 Year(s) Kolkata
Please help with the answers for these questions; 1. If my revenue is less than 40 lakhs per annum then is it that I don't have to register? 2. I f I am already registered then what do I do, do I surrender the GST registration? 3. Do I not take GST from my customer till teh revenue reaches 40 lakhs? Thanks in advance
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A. What should I do if my business turnover is less than 20 lakhs, for the GST? Hi Zahir ! GST registration is critical because it will enable you to avail various benefits that are available under the GST regime. One such benefit is to avail seamless input tax credit. So it is advised that you do not cancel your registration and continue to take benefits of the same.(See benefits of voluntary registration below) GST registration is mandatory irrespective of turnover for following persons & businesses Those making inter-state supply of goods/services Any person who supplies goods/services in a taxable territory and has no fixed place of business – referred to as casual taxable persons. Registration issued to such a person is valid for a period of 90 days. Any person who supplies goods/services and has no fixed place of business in India – referred to as non-resident taxable persons. Registration issued to such a person is valid for a period of 90 days. Person required to pay tax under reverse charge mechanism. Reverse charge mechanism means where the person receiving the goods/services has to pay tax instead of the supplier. Agents or any other person who makes supply on behalf of other registered taxable persons Distributors or input service distributors. This person has the same PAN as the office of the supplier. This person is an officer of the supplier, he receives supplies and issues tax invoice to distribute credit of CGST/SGST/IGST. E-Commerce Operator Persons who supplies (except branded services) via an e-commerce operator Aggregator supplying services under his brand name Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person. Persons with turnover less than Rs. 20 lakhs can also register voluntarily under GST. Voluntary registration under GST A person may opt to get himself registered voluntarily under GST even if he is not liable to be registered. All the provisions of GST applicable to a registered taxable person will similarly apply to such a voluntarily registered person also, i.e., he will be treated as a normal taxable person. Advantages of voluntary registration under GST In spite of composition levy, many small organizations are planning for voluntarily register themselves under GST. This is because composition levy has certain drawbacks. Voluntary registration will avoid such drawbacks and give the following advantages- Legally recognized as supplier of goods or services– This helps in attracting more customers Provide input tax credit to customers-As they can issue taxable invoices,they can collect GST. Their customers can take input credit on their purchases. Become more competitive– They will be more competitive than other small business as buying from them will ensure input credit. Take input credit– Voluntarily registered persons can take input credit on their own purchases and input services like legal fees, consultation fees etc. Make inter-state sales without many restrictions– They can make inter-state sales without many restrictions (they will be treated as casual taxable persons). Thus, it widens the potential market for SMEs. Register on e-commerce sites or open own e-commerce website– This will widen the scope of their market further. Be compliant and have a good rating– Registration for GST will ensure that the business is compliant (because most returns are automated). This, in turn, will give a good GST rating and help to boost the business.
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Saket Mohta Exp: 1 Year(s) Kolkata

Rajiv Mehta

Posted 3 months ago

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 legal as now after 2017 gst has come in force and builder is also issuing receipts under GSTN
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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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Saket Mohta Exp: 1 Year(s) Kolkata

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