GST Liability under JDA
Krishna (Assistant) (656 Points)
17 December 2023Total flats 100
Flats to landowner 30
Flat sold before issue of cc or first occupation 63
Unsold flats in issue of cc 7
Sale consideration of flat nearest to date of development agreement 80 lakhs
Sale consideration of flat nearest to issue of CC 100 lakhs.
Tax payable lower of a or b
a. 80 lacs*30 flats*18%× 7 flats divided by 100 flats=30.24 lacs
b. 7 flats*100 lakhs*5%= 35 lacs.
Thus GST payable by builder under RCM will be 30.24 lacs.
Is this calculation is correct ?