Is abatement of 1/3 of sale value for land cost is available on sale of residential flats?
suppose sale of affordable housing scheme is rs 100
gst 1% without ITC will be applicable on 77 rs or total 100 rs?
1% GST on total sale value (Rs. 100/-) without abatement...
1% is applicable on entire sale value including land value.
If you are taking 1/3rd of Rs.100, then the applicable rate would be 1.5%.
R P S K & Associates
Nashik
CA Inter
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