As per definition of GOODS:- it is mentioned that "goods means things attached to or forming part of land which are agreed to be served before supply or under a contract of supply"
with this definition can it be said after receiving completion certificate selling of flats are subject to GST.
because flat are under GOODS definition.
The government has clearly mentioned in Schedule III that sale of land and/or building will neither be treated as a supply of goods nor a supply of services, i.e., GST will not be applicable on this.
So currently it stands that:
- GST will apply on renting, leasing of land and/or building
- GST will NOT apply on sale of land/building (Stamp duty will continue to apply)
- GST will apply on works contract, i.e., constructing a building
- GST will apply on sale of an under-construction building
However, there are discussions of bringing in sale of land and/or building under GST, let us see.......
CAclubindia
