Sale of property, Goods and Services Tax - GST

[S.C. WADHWA]

Dear Expert,

We have sold one property in crores. My query is whether the said amount of property received to be shown in GST return.

Please give your expert advise and oblige.

REGARDS,

WADHWA

Posts / Replies

[Ganeshan Kalyani]

In my view, if you are a builder then yes you have to show. Otherwise no.

[Shilpi Jain]

In case it's a sale of a completed property it will be shown as a non gst supply.

In case it's of a under construction property 2/3rd of the value will have to be shown as a taxable supply. 1/3rd will be a non gst supply.

[KASTURI SETHI]

Since you are registered with GST department, value of non-GST supply, exempted supply and nil supply are to be reflected in GST returns. It is an absolutely must.It is requirement of GST laws.

I think purpose for the above information in GST returns is that the Govt. intends to examine the correctness as well as admissibility/eligibility of exemptions etc.availed by the registered person.

So every registered person should be cautious.