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Regarding sale of buildings

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(Querist)
20 July 2019 I HAVE A LOT OF LAND. I MAKE BUILDINGS ON IT AND AFTER THAT I SELL THE BUILDINGS. HOW CAN I SHOW THE CONSIDERATION AMOUNT IN GST AS SUPPLY OF BUILDINGS IS NOT CONSIDERED AS SALE IN GST.
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CA Anita Bhadra

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CA Anita Bhadra (Expert)
21 July 2019 Supply of building is not considered as sale where entire consideration received after issuance of completion certificate by competent authority .

Generally , there are concept of stage payments while construction of building work is still on .. Accordingly, construction of a complex, building, civil structure intended for sale to a buyer is considered a service and liable for GST – if any consideration is received before issuance of completion certificate.

There is methodology prescribed under GST Act for ascertaining rates and other relevant issues - Real Estate sector under GST Act

https://www.moneychai.com/gst-rate-on-real-estate-under-construction-completed-property.html
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