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Gst commercial property
What is GST liability on a commercial complex being built by me where I take advances from prospective buyers from time to time before completion? Can the buyers take ITC of GST on such immovable property ?
Replies (6)
Yes, you are liable for GST @ 12% on sale of Commercial Complex in case you received any consideration before getting Completion certificate & Buyers are not allowed to take ITC on such property whether used for business purpose as the same falls under Blocked credit.
Buyer can take ITC only when he is in same business otherwise he cannot take as per sec17(5).
The Supply is made by transfering the title to property which done basically after construction of property and the sale of Building is excluded by sch.3 of CGST Act.So GST can't be charged in the same case.Also the input claimed or available to Builder can't be availed by Prospective Buyer.
No its block under Secrion 17(5): the expenses which are capitalise to building account the ITC is not available
actually not cleared , more guidance is required
AS PER SCHEDULE II, THE ADVANCE RECED. ON CONSTRUCTION PROPERTY BEFORE THE COMPLETION CERTIFICATE THE GST ATTRACTS.
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