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GST ON HOUSING CO -OP SOCIETY

Others 167 views 2 replies

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?

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


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