if a person purchased a land worth rs. 1cr. in gst era and incurred rs. 1.5 cr. in construction of building thereon... and now selling the house in 3 cr. this is the business of individual in his own name... so just wanted to ask one thing... 2 things-
1. we have to get oirself registered with GST as the threshold of 40 lacs in being crossed..???
2. what is the gst rate on this type of transaction, whether itc will be available or not....
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Gst compliance in case of builder...
Replies (2)
If he deal in that type of transaction he is leaving liable for registration, or he is eligible for taking itc. because he further supply that goods or services to orther person,
the other person (purchaser) is not eligible to claim the itc of that property
the other person (purchaser) is not eligible to claim the itc of that property
1.Yes liable to obtain Registration. as it's fall under the definition of business u/s 2 (17)
2. Yes can claim ITC on inward supply for Construction. GST Rate is 18%
2. Yes can claim ITC on inward supply for Construction. GST Rate is 18%
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