GST REAL ESTATE RATE RELATED QUERY
This query is : Resolved
23 February 2022
Dear Sir / Madam,
in one of our clients we have Query related to GST Rate
facts of the case :
As the Venture is started before 01/04/2019
we have opted old scheme at the time of exercising Option
we have not reversed any ITC on the day of exercise of option because we want to continue in the Old scheme only
we have claimed complete ITC on all Purchases
we have purchased from unregistered parties for which also which we have not paid RCM
approx 70% of the flat sales are occurred by entering development agreement & sale deed just recently after Receipt of completion of sale certificate, the transaction is done by sale deed only of sale certificate, the transaction is done by sale deed only
please guide whether GST is 12 % or 5 %?
in one of our clients we have Query related to GST Rate
facts of the case :
As the Venture is started before 01/04/2019
we have opted old scheme at the time of exercising Option
we have not reversed any ITC on the day of exercise of option because we want to continue in the Old scheme only
we have claimed complete ITC on all Purchases
we have purchased from unregistered parties for which also which we have not paid RCM
approx 70% of the flat sales are occurred by entering development agreement & sale deed just recently after Receipt of completion of sale certificate, the transaction is done by sale deed only of sale certificate, the transaction is done by sale deed only
please guide whether GST is 12 % or 5 %?
26 February 2022
GST should be charged at 12% based on Sale agreement.
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