Shivam RC (Student) 28 June 2020
As per Para 5 of SCHEDULE III of the CGST Act 2017, "Sale of Land and subject to clause (b) of Para 5 of Schedule II, Sale of Building" is neither treated as Supply of Goods nor Supply of Services.
Hence GST is not applicable on Sale of Completed Building.
GAURAV KATYAL 28 June 2020
If in such areas like kachhi colony type where no such completion certificate is required to sale flats and if any person buy a flat at 90% completion work and give token money say 10% and rest at time of registration. in this case what will be the scenario.
CA Rashmi B (Assistant Manager) 30 June 2020
If agreement is made before completion of building for the same of building after completion it would lead to supply of construction service and GST would be leviable. However if agreement made after completion certificate or OC obtained it willl be a schedule III transaction and no GST would be applicable