As per definition of GOODS:- it is mentioned that "goods means things attached to or forming part of land which are agreed to be served before supply or under a contract of supply"
with this definition can it be said after receiving completion certificate selling of flats are subject to GST.
because flat are under GOODS definition.
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selling of flats are subject to GST.
Replies (1)
The government has clearly mentioned in Schedule III that sale of land and/or building will neither be treated as a supply of goods nor a supply of services, i.e., GST will not be applicable on this.
So currently it stands that:
- GST will apply on renting, leasing of land and/or building
- GST will NOT apply on sale of land/building (Stamp duty will continue to apply)
- GST will apply on works contract, i.e., constructing a building
- GST will apply on sale of an under-construction building
However, there are discussions of bringing in sale of land and/or building under GST, let us see.......
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