Gst on resale of landowners flat

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accountant
25 Points Posted on 24 September 2020

I gave my land to developer/builder. In consideration He gave 28 flat in .i paid for all stamp duty + GST in 2015.now I'm reselling  flats in 2020.Flats are still under construction.Completions certificate not issued.Is gst applicable on same?what rate?Can I claim input credit.

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On 24 September 2020 at 00:41 Report
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Quick Summary
This discussion clarifies the Goods and Services Tax (GST) implications when reselling flats received from a developer. Even if the flats are still under construction and a completion certificate hasn't been issued, GST is applicable. The rate depends on whether the flat is affordable (1% GST without ITC) or non-affordable (5% GST without ITC), according to Notification 3/2019 CT (R).

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435 Points Posted on 24 September 2020
Yes GST will be applicable with ITC available and rate will be 18%
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On 24 September 2020 at 18:55
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GST Practitioner
55067 Points Posted on 24 September 2020
Yes GST will be applicable but with new rates :
As per Notification 3/2019 CT (R) , for affordable residential apartment it's 1% GST without ITC & for Non affordable residential apartment it's 5% GST without ITC .
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On 24 September 2020 at 23:20
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accountant
25 Points Posted on 25 September 2020
Thanks
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On 25 September 2020 at 08:40

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