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GST ON SALE OF FLAT

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(Querist)
10 March 2020 Respected Sir,

A Builder has sold a flat in Feb 20 for a sum of Rs 2.60 Crores.What will be the rate of GST on sale value ? The buyer has paid the sale value to the buyer but the buyer will pay GST from his account. In such situation what to do ? What kind of precautions shall be taken on such issue ?

Please guide me and oblige.


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CA Anita Bhadra

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CA Anita Bhadra (Expert)
10 March 2020 In case the builder has sold a flat after receipt of the occupancy/completion certificate for residential building, GST is not applicable.
However, if the building is under construction/ completion certificate not received and the project had started prior to 01 April 2019 & builder has opted for old rate - GST rate will be 12% .
In case builder opted for new rate - it is 5% without ITC
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