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Naga Kalyan Reddy Alla

GST Impact on Apartment Construction

Dear all,

I'm a builder. I request you to please clarify about GST impact on builders. Till now we are in composition scheme, hence we are not allowed to take any input tax credit. My building is in 50% stage. From tomorrow i've to charge 12% GST on cumulative value of flat including land value. Purchases from tomorrow will give me input credit, but what about my earlier purchases which i've not taken input credit.

I came to know that traders are allowed to take input on stock held with them. In our case, our stock is half constructed building. We didn't sell anything till now. How can we take input of that spent amount. Otherwise it is cost to me and i've to charge full gst on customer.

Please advise me a way out.

Thanks in advance.

KALYAN. more  

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Satish Chander Raheja
Unless it is reflected in Builder's stock & shown in purchaser & seller's returns you can't claim ITC. GST will be useful if the rules are followed & implemented correctly. more  
Naga Kalyan Reddy Alla
Thanks for the response. I'm following provisions given in Service Tax and AP State VAT. As per them we are availing composition scheme in VAT and abatement in service tax, where input credit is not allowed till now. Suddenly from tomorrow, we have to charge full GST and composition scheme is not there in GST. What to do with completed construction activity bills. They were not shown in VAT returns because no input is allowed. Is there any way in GST act to take them into consideration.

Please clarify. more  
Vallury Padmakar
I have info that GST for Apartments is modified to 18%,but on value less cost of land ... 'ET:GST rate on construction sector hiked to 18% http://economictimes.indiatimes.com/news/economy/policy/gst-rate-on-construction-sector-hiked-to-18/articleshow/59374782.cms Sent from Economic Times Mobile App.(Download Now): http://ecoti.in/etapps more  
Sanjeev Jakkani
You have to impose full GST and as per any act on implement effective date all closing stock laying in Godown will be applicable. Construction companies lying in reverse charge mechanism earlier and also works contract attracted. You have a scope to issue half invoice based on works completion else you need to borne full GST rate more  
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