28 November 2017
Our client has purchased a land, and, the owner of land is ready to accept 5 Flats from the complex being constructed as consideration. (Total Flats being 10, 5 to Owner of land, 5 Kept to self for Sale) There is no cash being paid as consideration & land as per rules, is not taxable under GST but residential dwelling construction services are. Can anyone please explain how will it be treated under GST?
28 November 2017
12% GST applicable on builders sale of 5 flats including land cost. 18% GST applicable on land owner's 5 flats excluding land value. When land owner sells the flat 12% GST applicable including land value. ITC can be claimed on 18% GST paid to builder.
CAclubindia
