Sale of property

[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

[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.

AI Summary

GST Reporting: Must Report Non-GST, Exempt, and Nil Supplies in Returns; Different Rules for Completed vs. Under-Construction Sales A query was raised regarding whether the sale of a property, valued in crores, needs to be reported in GST returns. One expert advised that if the seller is a builder, the sale should be shown; otherwise, it is not necessary. Another expert clarified that the sale of a completed property is a non-GST supply, while for an under-construction property, two-thirds of the value is taxable, and one-third is non-GST. A third expert emphasized that all non-GST, exempted, and nil supplies must be reported in GST returns as per legal requirements for registered persons.