TaxTMI 
TaxTMI 
Sale of flats under GST whether to be shown in Turnover.He is also doing sale of taxable supplies.
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....ale of flats under GST whether to be shown in Turnover.He is also doing sale of taxable supplies.<br> Query (Issue) Started By: - Rajendra Prasad Dated:- 18-3-2020 Last Reply Date:- 28-3-2020 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>Sale of flats under GST whether to be shown in Turnover .He is also doing sale of taxable supplies also. Reply By Kashish Gupta: The Reply: Dear Rajen....
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....dra Prasad Ji, In case sale of flats is after obtaining completion certificate i.e. they are immovable property, then it will be covered under entry number 5 of Schedule III - "No Supply" and shall accordingly be shown in returns. Further, explanation to section 17(3) of the Act requires a person to include this value in the value of exempt supplies only for the purposes of calculating....
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..../apportionment of credit. However, there are different school of thoughts in ensuring compliance with this provision. Reply By Rachit Agarwal: The Reply: Sale of Flats after obtaining the Completion Certificate would niether be supply of goods nor be supply of services as the same falls within the ambit of Schedule III to Section 7 of the CGST Act, 2017. Hence the same would not be part of &quo....
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....t;Aggreate Turnover" as defined u/s 2 of the CGST Act, 2017 Reply By Ganeshan Kalyani: The Reply: I understand the taxpayer is having two business vertical, one is sale of flats and another is supply of taxable goods. (If my understanding is incorrect, please furnish the correct facts). If two different vertical then sale of flat would be included in the return. It will be shown under exemp....
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....t supply if sold after the completion certificate is received. Under such scenario very less flats would be available. Major flats are sold while they are under construction. Since it gives financial inflow from the customer who books the flats.<br> Discussion Forum - Knowledge Sharing ....