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Correct treatment of taxable value for developers

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26 July 2023 A demand for 30 lakhs raised to customer by developer where the customer agreed to buy a flat from developer. The flat is under construction and it's total value will be more than 50 lakhs. My query is which of the following will be the correct treatment of this transaction for GST

Situation 1
Taxable value - Rs. 30,00,000/-
CGST @ 2.5% - Rs. 75,000/-
SGST @ 2.5% - Rs. 75,000/-

Situation 2
Taxable value - Rs. 20,00,000/-
CGST @ 3.75% - Rs. 75,000/-
SGST @ 3.75% - Rs. 75,000/-

If situation 2 is correct then where balance Rs.10,00,000/- to be shown in GST Return
Please suggest, thank you
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 July 2023 Situation 1 is the right way.
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