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

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.