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?
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GST on sale of residential flats
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1% GST on total sale value (Rs. 100/-) without abatement...
Https://housing.com/news/gst-real-estate-will-impact-home-buyers-industry/
this website states that it should be on 77 rs as GST is not applicable on land cost. Is anything clearly mentioned in GST law? please help..
this website states that it should be on 77 rs as GST is not applicable on land cost. Is anything clearly mentioned in GST law? please help..
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%.
👍 Thanks
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