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GST on residential property
Is GST applicable on purchase of new residential flat from first buyer where occupancy certificate is yet to be receive from authority. First buyer had paid VAT and service tax during construction phase. Is the second sale will attract GST ?
Replies (2)
Generally no........... as for the first buyer the sell is not under 'furtherance of business'.....
1) Sale of flat does not attract GST (schedule III)
2) In your case entire consideration is received after first occupation therefore not a supply under GST
3) if both are unregistered no need to pay GST
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