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GST

This query is : Resolved 

Dear Sir / madam,

there is a partnership firm having four partners , nature of business is land developers,

they constructed a apartments having 25 flats, they sell 21 flats and now 4 flats is not saled , now they can transfer 4 flats each one individually and want to close the firm,
please confirm GST applicable , if they individually transfer the each flat to each of them ...
please confirm GST applicable for sale transaction or not


No GST If OC received for apartment, if not they have to pay the GST.

the partnership firm are not opted composition , they are continuing on the old format only i.e. regular scheme only

and also confirm the accounting treatment

Completion certification obtained for Apartment ? If Yes, No GST , if Not GST is applicable

Accounting

Partner Capital / Drawing A/c
to Stock


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