Sale of Land - Basis of reporting in GSTR1 as exempted

[Balaji Srinivasamurthy]

Dear experts,

Section 15 of CGST Act states as below:

15. (1) The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply.

With the above being quoted, which value needs to be reported in GSTR-1 as 'exempted' - Guideline value or Market value for sale of land?

Regards

Balaji

AI Summary

Schedule III land sale treated as non-GST supply; reporting basis discussed for GSTR-1 and valuation.
Sale of land is discussed as a Schedule III transaction and therefore a non-GST supply, not an exempt supply. The issue is whether it should be reported in GSTR-1 or GSTR-3B, and whether the reporting basis should be the guideline value or the actual agreed sale consideration. The discussion also notes that buyer-borne stamp duty and registration charges do not form part of the seller's transaction value, while expenses incurred by the buyer for and on behalf of the seller may be included.