NO GST APPLICABLE ON READY TO MOVE IN OR COMPLETED PROPERTY - GST NEWS
1. 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).
2. It flow from the above facts that, Sale of Ready To Move In or Completed Property does not attract GST. GST payable only on under construction property as discussed below.
Clarification about applicability of GST on Under Construction and Ready To Move In Property.
As per Gst Law, construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of Completion Certificate, where required, by the competent authority or after first occupation, whichever is earlier, is a supply of service and liable to GST.1. 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).
2. It flow from the above facts that, Sale of Ready To Move In or Completed Property does not attract GST. GST payable only on under construction property as discussed below.
RATE OF GST
Effective rate of GST payable on purchase of under construction residence or commercial property form a builder involving transfer of property in land or undivided share of land to the buyer, is 12% with full input tax credit (ITC). [ GST payable @ 18% on 2/3rd of the amount for the property: 1/3rd of the amount having been deemed as value of land or undivided share of land supplied to the buyer.]
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