Hello,
Our society is going in redevelopment and there is a new notification under GST according to which all the society members will be liable to pay GST on the entire carpet area alloted in the redeveloped building @ 12% on the market value of the new flat i.e. existing area plus additional area. Because of this notification our liability will be of around 10lacs.
My query is since we are not receiving nor paying any consideration to the builder so why is this GST applicable?
If this is the case no society can go in redevolpment and what about slum redevelopment.
CAclubindia
