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builder compliances

Devin Taunk (22 Points)

18 March 2018

what sections does a builder needs to be followed and what are the rates of gst under normal situation.?

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 19 March 2018

Rate of GST payable on purchase of under construction residence or commercial properties from a builder involving transfer of interest in land or individual share of land to the buyer, is 12% with full Input Tax Credit (ITC). [GST payable @ 18% on 2/3rd of the amount for the property; 1/3rd of the amount having been deemed as value of land or undivided share of land supplied to the buyer.]

Read schedule II, III