Sale of flat
This query is : Resolved
RAJEEV KUMAR MEHTA
(Querist)
09 October 2017
Whether an individual selling a residential flat attracts GST? If so what is the rate and what is the procedue?
CA Rashmi Gandhi
(Expert)
09 October 2017
Selling of flat is out of purview of GST.
If you are providing construction services or you are contractor then only GST payable.
RAJEEV KUMAR MEHTA
(Querist)
10 October 2017
Thank You. It thus means that buyers going for new flats under construction would have to pay GST @18%.Right?
CA Rashmi Gandhi
(Expert)
10 October 2017
But if you sell after getting completion certificate then same is exempted.
31 October 2026
An individual reselling his own flat is outside GST; for new under-construction residential flats sold by a promoter the rate is not 18% but, since 1 Apr 2019, 1% for affordable housing and 5% for others, without ITC (after the one-third land deduction), and no GST applies once the completion certificate is issued.
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