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GST on Resale of under construction property

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Practicioner
208 Points Posted on 23 August 2022
Mr.A had purchased an under construction flat from a builder for 50 lakhs rupees plus gst. However, the same under construction flat is sold to Mr.B for 70 lakhs within a period of 1 year. The OC is not received. what will be the impact of GST on such scenario.
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On 23 August 2022 at 14:11 Report
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GST Practitioner & Accounts
15093 Points Posted on 23 August 2022
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On 23 August 2022 at 15:17
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Dual Qualified Lawyer/ Solicitor Intern
1110 Points Posted on 23 August 2022
Another view: GST applies to supplies (of goods or services) made in course of furtherance of business and transfer of personal assets or rights does not all within ambit of GST. So if an under constriction property is transferred through resale by an individual, it may not be liable for GST.
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On 23 August 2022 at 15:39
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M Com FCS LLB M-AIMA
14046 Points Posted on 23 August 2022

GST applicable on under construction property since sale consideration is received before completion certificate.

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On 23 August 2022 at 17:13


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