| Question And Answer | |
|---|---|
| Subject: | GST ON EDC AND IDC ACCOUNT IN AN UNDER CONSTRUCTION BUILDING |
| Category: | GST |
| Querist: | SHARANJIT SINGH |
| Answered by: | Advocate C.B.Thakar |
| Tags: | GST |
| Date: | January 8, 2024 |
KINDLY ADVISE IF THE GST IS PAYABLE ON EDC AND IDC ACCOUNT IN AN UNDER CONSTRUCTION BUILDING. IF SO, WHAT IS THE RATE OF GST PAYABLE AND FROM WHICH DATE THE GST IS APPLICABLE AS THE BUILDER IS DEMANDING THE GST AFTER GIVING THE POSSESSION OF THE APARTMENT AND JUST BEFORE THE REGISTRY OF THE PROPERTY.
Plase explain the meaning of EDC and IDC account m and why it is collected . The expert can answer only on getting the calrification
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IT’s a SAD reflection that the querist, going by his narrow thinking, has chosen to display his smartness by using such abbreviations ! The least he could have done is to make it clear as to what those two really connote; let alone the other prevailing confusions.
To begin with, for some understanding (X wholesome understanding!), study say, >https://assetyogi.com/edc-idc-charges/
Even so, the expert’s answer, instead of simplistically providing JUST an answer to the ill-framed specific question, will serve a purpose, provided he at least touches upon the very propriety of the two levies on a property under development on the developer, which in turn gets loaded in the price charged also to a ‘prospective buyer’, there being no ‘privity of contract’ before the stage of completion?!
courtesy
^https://assetyogi.com/edc-idc-charges/
WithIN > “Do we need to pay service tax on EDC IDC?
No. EDC and IDC are government levies (tax) and service tax is not applicable on government levies. Tax on EDC IDC would mean tax on tax. If your builder is collecting service tax on EDC IDC from you, you should immediately ask for return.
Final Word
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Is it NOT clearly HIGHTIME that all concerned (mainly the advising/consulting professionals in-practice at any level), STOP groping in the dark and be honest enough to challenge the illegal levy , where ever it is open to be so done!?