I am a land developer and i have a que on GST. Suppose i took land from farmer @ 2 lakh and sell to buyer @ 3 lakh and took 3 lakh into my bank account and give 2 lakh to farmer from my account and do registery of plot directly to buyer from farmer i.e i left with 1 lakh only. Now i have spend Rs 60000 in land developemtn and got profit of Rs 40000. So my question is i have to pay GSt of 18% on which value? on whole amt that i have took from buyer (i.e. 2 lakh), or only rest development amt as i have given land value directly to farmer (1 lakh) or on 40000 that is my profit.
CAclubindia
