Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Works contracts, Purchase and Sale of plots

Srinivas Ch (Sr.Accountant) (365 Points)

15 February 2018

We do works contract for new houses, puchase and sale open plots..yearly T.O. Rs.2cr above...now pls tell me we need gst registration? eligible for kind of ITC? how we collect gst from clients on works contracts and only sale of plots? gst rate?...upto now we did not register under gst. started our business in Aug-2016.

Reply
Follow
Share

16 Replies

Heena mangtani (Chartered Accountant) (272 Points)
Replied 16 February 2018

yes registration under gst is required ..as the 'work contract ' is defined as service under gst and turnover is more than 20 lakh.

Upgrade to CAclubindia Pro. Subscribe Now!

Srinivas Ch (Sr.Accountant) (365 Points)
Replied 16 February 2018

Thank u for ur qck reply. pls clarify, How can we utilize of ITC? how we collect gst from clients on works contracts and on sale of plots? various gst rates?

SHAURYA VARSHNEY (6 Points)
Replied 19 February 2018

sir in the case we can not collect advance payment from customers than no need for gst registration.

(Guest)

Yes, GST registration is required. GST is not charged on sale of plots and house (if whole consideration is received after completion certiicate). These both are exempt. If only these types of supplies are there. Then no need for registration.

venkateswararao (paid assistant) (132 Points)
Replied 21 February 2018

sale of plots only not attract gst, if u sale of under construction flats then attract gst , in your case sale of plots comes under immovable property no work contract ,u can sale without obtaining gst registration