TaxTMI 
TaxTMI 
Sale of flats under GST whether to be shown in Turnover .He is also doing sale of taxable supplies also.
Sale of flats under GST whether to be shown in Turnover.He is also doing sale of taxable supplies.
18 Mar 2020 
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Sale of flats after completion certificate treated as no-supply and recorded as exempt in returns for credit apportionment.
Sale of a flat after issuance of the completion certificate is treated as a no-supply under Schedule III and reported in returns as exempt supplies; its value must be included for input tax credit apportionment under section 17(3). Sales before completion are taxable supplies and included in aggregate turnover. If distinct business verticals exist, completed-flat sales are shown as exempt in the return while other taxable supplies are reported separately. (AI Summary)
Sale of a flat after issuance of the completion certificate is treated as a no-supply under Schedule III and reported in returns as exempt supplies; its value must be included for input tax credit apportionment under section 17(3). Sales before completion are taxable supplies and included in aggregate turnover. If distinct business verticals exist, completed-flat sales are shown as exempt in the return while other taxable supplies are reported separately. (AI Summary)