GST on Construction Sectors
This query is : Resolved
22 June 2017
can any body give me any details regarding GST on construction contract..
22 June 2017
Under GST, sale of under-construction real estate properties would be classified as a supply of services and would be liable for payment of GST. However, sale of completed real estate properties and land are exempted. There would be no change in stamp duty and registration charges on the aforementioned three categories of real estate sale transactions, the GST regime would not subsume stamp duty and registration charges. However, the service tax and value added tax (VAT) charges, currently payable on sale of under-construction properties, would be subsumed by the GST.
GST rate will be 12% for construction of buildings intended for sale to a buyer, where the value of land is included in the sale value. In case the land and construction values are explicitly identified through separate agreements, the GST rate applicable is expected to be 18%
GST rate will be 12% for construction of buildings intended for sale to a buyer, where the value of land is included in the sale value. In case the land and construction values are explicitly identified through separate agreements, the GST rate applicable is expected to be 18%
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