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GST APPLICABLE

Pravin Thacker (Accountant) (27 Points)

13 August 2019

Bought Empty Plot for Rs.4,00,00,000 and sold at Rs.9,00,00,000 (TP Final Empty Plot) GST Applicable? If yes then on which Amount?

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3 Replies

Shivam RC (Student) (23683 Points)
Replied 13 August 2019

As per Para 5 of SCHEDULE III of the CGST Act 2017, "Sale of LAND and subject to clause (b) of Para 5 of SCHEDULE II of the CGST Act 2017, Sale of BUILDING" is neither treated as Supply of Goods or Supply of Services...

Hence GST not applicable on Sale of Empty LAND...

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subhagan sreerangam (7059 Points)
Replied 14 August 2019

Schedule III of para 5 of thebCGST Act 2017 mentioned "Sale of Land and subject to clause (b)of para 5 of schedule II of the CGST Act 2017"Sale of building" is neither treated as Supply of goods or Supply of Service.So GST not applicable on Sale of Empty Land.