I am planning to buy an open plot. The deal price is finalized with terms of payment. (Cash + Bank loan)
Now the seller says that I need to bear the GST @ 18% on the amount given to him through Bank loan.
Does an open plot attracts GST, if yes at what percentage ( 6% or 12% or 18% or 28%) ?
Please share your suggestions at the earliest.
Illustration:
Cost of plot : Rs 50,00,000
Payment by Cash: Rs 15,00,000
Bank loan: Rs: 35,00,000
GST @ 18% on Bank loan - Rs 6,30,000