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What is gst tax effect on ready constructed sale of shop by builders.?

Yagnesh Derasari (Student) (23 Points)

11 May 2019

Any Builders want to sale already construed shop then what is gst effect on sale of those shop after 01-04-2019..?

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9 Replies

pritesh (CA Final student) (7101 Points)
Replied 11 May 2019

12%

Srinivas Ch (Sr.Accountant) (365 Points)
Replied 12 May 2019

12% or 5% based on Builders gst opting options.

pritesh (CA Final student) (7101 Points)
Replied 12 May 2019

For commercial property is 12%

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 12 May 2019

Yes its 12%

Padmanathan Kv (2127 Points)
Replied 12 May 2019

if it is fully constructed ie sale after obtaining Completion certificate then it is sale of immovable property and hence no GST as it is covered under Schedule III.

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CA Shikha Sharma (Ceo) (3869 Points)
Replied 12 May 2019

if sale of immovable property after full payment or certificate issued - not a good/service no GST
if before
else 12%

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Padmanathan Kv (2127 Points)
Replied 12 May 2019

After 1st April 2019 as per new scheme commercial property in Residential projects ( commercial space carpet area is less than 15% of total carper area) is taxed at only 5%. If it is in project other than Residential Project ( ie carpet area of commercial space is more than 15% of total carpet area) it is taxed at 12%. Incase of ongoing project it will depend on the option exercised. If sold after obtaining completion certificate there will be no GST

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