Gst on resale of property
This query is : Resolved
16 March 2020
We are a real estate dealer firm dealing in sale purchase of properties.As we purchase under construction properties as stock in trade and sell them on profit.Do we need to charge GST on its profit or total sale value if we resale the properties before issue of their completion certificate.if not whether we have to show them as non taxable supplies in GSTR-1.
16 March 2020
GST will be levied on transaction value and not on profit if you resale before issuance of completion certificate
16 March 2020
Madam we are only reseller of the property not the builder .We are not doing any alteration or construction on the property.As construction of properties is works contract which is notified as service in gst act.As we are not doing any service how can we charge gst.
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