28 July 2021
Company is in to business of sale of plots. It develops plots and sell it. Kindly let me know the GST compliance, whether GST is applicable for sale of developed plots and if so GST RATE for the same.
28 July 2021
The opinion is divided on this matter. One group of professional say that sale of plot is sale of Land and it is outside the scope of GST. Others say that developed plot constitutes service of Development therefore GST applicable. Rate will be 18% It mostly depend on the wordings of allotment letter and sale agreement which you have with your customers which determine whether it is sale of land or is it supply under GST
CAclubindia
