TaxTMI 
TaxTMI 
Please help for effective rate of GST on construction and sale of only industrial gala/shop
its two floor industrial complex with 108 units
Thanks & Regards
GST on sale of industrial gala/shop On MIDC Land
24 Jan 2022 
2 Replies 
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GST on sale of industrial property: going concern sales exempt; under construction units taxable; check reverse charge.
If the transaction is a sale of business as a going concern, it is an exempt supply. A sale of an industrial building is taxable when under construction at an effective 12% rate, while sale after issuance of the occupancy certificate is not subject to GST. Potential reverse charge mechanism liability on amounts paid to MIDC should also be examined. (AI Summary)
If the transaction is a sale of business as a going concern, it is an exempt supply. A sale of an industrial building is taxable when under construction at an effective 12% rate, while sale after issuance of the occupancy certificate is not subject to GST. Potential reverse charge mechanism liability on amounts paid to MIDC should also be examined. (AI Summary)