Regarding sale of buildings
This query is : Resolved
sumaira bhat
(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.
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
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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