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gst on under construction flat
I would like to know the gst rate on under going flat construction whether it's 12or18%
Replies (3)
Rate of tax is 18%. But tax shall be paid on the value after deducting 1/3 of the total value of consideration. In other way, it is 12% of the total value.
Kindly note, the value as mentioned above shall include the value of land
Kindly note, the value as mentioned above shall include the value of land
suppose am received 500000 advance from customers,can u give explain
Assuming that Rs.500,000 includes the value of land. GST payable is 500,000x2/3x18% = 60,000
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