Nimish, Apartment Resident
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GST on under construction property
Q: Do we have to pay 12% GST for under construction property ? Does it means buying an already built apartment is better ?

Latest Answer: I agree with both the gentlemen. In the previous regime, for example in Maharashtra, VAT was charged on a composition scheme of 1%. This meant that the developer could not claim the input tax credit (ITC) for all the raw materials used in the construction of the property. For any inter-state procurement, a developer had to bear all costs without getting any benefit of ITC. But this will be possible under GST. This means that a Maharashtra developer who has bought cement from Gujarat will now be able to claim ITC on the commodity.

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