GST Rates on Real Estate Transactions in Detail- Finsights

GST Rates on Real Estate Transactions in Detail- Finsights

Who are you? (Stakeholder) LAND OWNER BUILDER CONTRACTOR IN LABOUR MANUFACTURER & TRADERS SERVICE PROVIDERS Which Transaction?  A. Sale of Land According to Section 7(2) of the CGST Act of 2017, the sale of land is not considered a supply under GST, read with Schedule III. Because ‘supply’ is the taxable event that attracts GST, … Read more

ITC reversal on inputs/input services (Rule 42)

According to Section 16(1) of the CGST Act, 2017, when goods and/or services are used for both non-business and business purposes, the registered person can only claim the ITC attributable to business purposes. Thus, such transactions involving both business and non-business purposes will necessitate the registered person to divide the credit into eligible and non-eligible … Read more

ITC reversal on Capital Goods (Rule 43) 

Like input and input services, businesses acquire capital goods in the ordinary course of business that is intended to be used for business or personal purposes OR is taxable or exempt. Credit for capital goods related to the business and its activities is permitted based on the useful life of that particular capital good, with … Read more