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GST on purchase of immovable propert
If GST paid on purchase of property, where can ITC be utilised
Replies (13)
no sir....it's block u/s 17(5)(d)
| Originally posted by : CA Arun Chhajer | ||
 |
no sir....it's block u/s 17(5)(d) |  |
Dear Sir In Above provision related to Construction Not related to Purchase of Property.
Sale or purchase of Completed property is not a supply under GST . There is no question of charging GST so no question of availing ITC .
| Originally posted by : Sumit Sarswat | ||
|
Sale or purchase of Completed property is not a supply under GST . There is no question of charging GST so no question of availing ITC . | |
If Bulding Purchase Before Constructon Or During Constraction than GST Levy under Sec 7 of CGST Act With Schedule-II
| Originally posted by : Sumit Sarswat | ||
|
Sale or purchase of Completed property is not a supply under GST . There is no question of charging GST so no question of availing ITC . | |
If Bulding Purchase Before Constructon Or During Constraction than GST Levy under Sec 7 of CGST Act With Schedule-II
ITC on Purchase of ‘under construction’ property ?
Under construction property is taxable under GST
| Originally posted by : Naveen Khanna | ||
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ITC on Purchase of ‘under construction’ property ? | |
Explain With Provision of Act or Notification
Sale of building is an activity or consideration which is neither a supply of goods nor a supply of services (Para 5 of schedule III of the CGST Act, 2017).
It flows from the above facts that, sale of ready-to-move-in or completed property does not attract GST. GST is payable only on under construction property.
It flows from the above facts that, sale of ready-to-move-in or completed property does not attract GST. GST is payable only on under construction property.
If under construction property is taxable , can ITC be availed?
No ITC cannot be availed. it is blocked u/s 17(5) of CGST Act 2017
| Originally posted by : Sumit Sarswat | ||
|
No ITC cannot be availed. it is blocked u/s 17(5) of CGST Act 2017 | |
Kindly Elaborate Clause with Link of Schedule II
you cannot avail itc ... because it is blocked under sec17(5)...
if you are in construction business then you can claim ITC
if you are in construction business then you can claim ITC
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