The Housing co-operative society has got registration under GST Act. The society is selling flat to members without any profit. Whether society is required to pay GST of consideration received fro members?
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GST ON HOUSING CO -OP SOCIETY
Replies (2)
Yes, because the flats are ready possession hence included in the definition of goods as per GST
It's not a matter of profit. As per schedule iii it's neither a supply of Goods nor supply of Services.
So if it is sold after completion certificate is achieved & No advance has been received for the same .
Note : Need to reverse the ITC claim in proportion to particular flat sold
So if it is sold after completion certificate is achieved & No advance has been received for the same .
Note : Need to reverse the ITC claim in proportion to particular flat sold
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