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cases of property& developers
Plz inform me ......What is the cases of Gst rate ....under property& developers
Replies (2)
The sale of “Land” (being an immovable property, which
is neither Goods nor Service as per GST law) does not attract
GST, as provided under Clause 5 of schedule III of the CGST Act,
is neither Goods nor Service as per GST law) does not attract
GST, as provided under Clause 5 of schedule III of the CGST Act,
However, as the supply of service in relation to construction of Flat/House/Complex also involves transfer of “land/undivided share of land” which do not attract GST, the value of such land/undivided share of land shall be deemed to be 1/3rd of the total amount charged for such supply, as provided in Para 2 of the said Nfn. No:11/2017-CT ( R) dt: 28.06.2017. This implies that GST on a Flat/House/Complex [for which a part or total consideration is received prior to issue of a completion/occupancy certificate or it‟s first occupancy, whichever is earlier], shall be 2/3rd of the total consideration charged for such supply (thus GST is payable @ 12%
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