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b.u.permission
I my client constructed 50 flat.now he finished construction.out of 50 flat 40 flat sold before b.u.permission.now he received b.u.permission.now remaining 10 unsold flate attract GST? or not ? if not what is solution of in put credit taken in 10 flat ?credit will reverse?
Replies (2)
What is b.u permisssion? you mean after completion?
if 10 flats are sold after completion, it becomes supply of immovable property and not taxable under GST.
However, proportionate input tax credit need to be reversed on those 10 flats as per Section 17(2) of CGST Act.
Agreed with CA padmasri mam.
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