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 obligations require registered persons to disclose non GST, exempt and taxable property sales in returns. Registered persons must disclose values of non-GST, exempt and nil supplies in GST returns. Completed property sales are treated as non-GST supplies and reported as non-taxable; under-construction property sales are treated as partly taxable and partly non-GST. If the seller is a builder the sale is likely taxable and must be shown accordingly; non-builder sellers may treat completed property sales as non-GST but must still reflect those values in returns.