If flat sale after issuance of completion certificate then sale of flat is exempt from gst.
Then is developer required to pay gst under rcm???
Beacuse it is mentioned that,
"Where promoter opts to pay tax at full rate (8%/12%) after availing ITC,
proportionate reversal of Input Tax Credit is required in respect of apartments remaining
*unsold as on date of completion* or first occupation, whichever is earlier."
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GST ON SALE OF RESIDENTIAL FALT
Replies (4)
Quick Summary
Gst on sale of residential flats.
@ Darsh*t,
read exactly this one alos
....... AFTER AVAILING ITC...
read exactly this one alos
....... AFTER AVAILING ITC...
According to the information I found, the developer is not required to pay GST under RCM if the flat sale is after the issuance of completion certificate. This is because the sale of completed flats is neither a supply of goods nor a supply of services under GST, and hence no GST is applicable on such transactions123. However, the developer may still have to pay GST under RCM on other supplies, such as TDR, FSI, or works contract services, depending on the conditions and rates specified by the CBIC456. The proportionate reversal of input tax credit is only applicable if the developer opts to pay tax at full rate (8%/12%) after availing ITC, and not if the developer opts for the new scheme of 1%/5% without ITC4. I hope this clarifies your query.
Wrong synopsis.
sale of flats is within the purview of gst subject to some conditions.
sale of flats is within the purview of gst subject to some conditions.
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