"A" is person who buys the land in non-metropolitan city,divide the land and develops 3-4 independent houses on it. When he is selling those houses ,is he liable to pay GST on sale. Can he avail ITC on the construction material used in building. If he is liable then what is GST rate. (The land he is purchasing is been treated as stock in trade in Balance Sheet.)
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GST Applicability on Real Estate
Replies (2)
Yes. 1% or 5% depending on carpet area and 45 laks restriction without I t c
Kishore sir please can you explain in brief and what is carpet area?
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