"A" is person who buys the land in non-metropolitan city,divide the land and develops 3-4 independent houses on it. When he is selling those houses ,is he liable to pay GST on sale. Can he avail ITC on the construction material used in building. If he is liable then what is GST rate. (The land he is purchasing is been treated as stock in trade in Balance Sheet.)
2 Replies
Kishor Lulla
(993 Points)
Replied 13 August 2020
Yes. 1% or 5% depending on carpet area and 45 laks restriction without I t c
Mohd Khalid
(493 Points)
Replied 13 August 2020
Kishore sir please can you explain in brief and what is carpet area?
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