Builders will have to refund GST on cancellation of flats booked in FY19

Builders  will have to refund  GST  paid by  home buyers  in case he cancels the flat booked in the last fiscal and will be allowed to avail credit adjustment for such refunds, the tax department has said. This clarification forms part of the FAQ released by the Central Board of Indirect Taxes and Customs (CBIC) on real estate sector. The FAQ has been issued to clear the a…