GST

This query is : Resolved

HARISH BHATIA (Querist)
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24 October 2019 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

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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24 October 2019 No GST If OC received for apartment, if not they have to pay the GST.

HARISH BHATIA

HARISH BHATIA (Querist)
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24 October 2019 the partnership firm are not opted composition , they are continuing on the old format only i.e. regular scheme only

HARISH BHATIA

HARISH BHATIA (Querist)
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24 October 2019 and also confirm the accounting treatment

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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24 October 2019 Completion certification obtained for Apartment ? If Yes, No GST , if Not GST is applicable

Accounting

Partner Capital / Drawing A/c
to Stock