Shivam RC
(Student)
(23683 Points)
Replied 30 June 2020
No Ishan Sir. GST is not applicable on Sale of Flats where Completion Certificate ( CC ) / Occupation Certificate ( OC ) has been received from the competent authority. GST will not be attracted on the consideration received after obtaining CC of the Flat.
If the consideration was received during Booking / Construction stage, then GST @ 1% or 5% would be applicable as the same is treated as Supply of Services by virtue of Para 5 clause (b) of SCHEDULE II of the CGST Act 2017.
As per Para 5 of SCHEDULE III of the CGST Act 2017, "Sale of Land and subject to clause (b) of Para 5 of SCHEDULE II, SALE OF BUILDING," is neither treated as Supply of Goods nor Supply of Services.
Hence GST is not applicable on Sale of completed Buildings as it is not a SUPPLY.
NOTE : The TAXABLE EVENT under GST is "SUPPLY OF GOODS or SUPPLY OF SERVICES".
Regards,
Shivam RC.