Hi Friend,
As a property consultant, I have extensive knowledge of property laws and taxation. My clients frequently ask me how to calculate GST on sale of land? I generally try to explain to them that because land sales do not include the transfer of any goods or services, they are also excluded from the GST on construction services.
Is GST applicable on sale of land? This question may be circling in your head. To clarify, the Gujarat Advance Judgement Authority stated in its judgement that GST is not imposed on property sales unless the transaction is entirely for the transfer of land ownership.
You can't calculate GST on a land sale because GST isn't applicable to land transactions.
Because the cost of land is such an important component in determining property values, GST provides a standard abatement of 33 percent of the entire contract value for taxable real estate transactions to be applied to the cost of land.
Developable Plots:Buyers of developable plots will be required to pay 18 percent GST as a result of the AAR decision. Prior to the implementation of the GST, the sale of immovable properties was exempt from the application of the value-added tax, and only direct taxes such as stamp duty and registration fees were paid in such transactions.
I hope this helps:)
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Read More:
How The GST Is Calculated On Underconstructed Flat? How To Calculate GST Percentage?I hope now you know how to calculate GST on sale of land.
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How to Calculate GST on Sale of Land?
Samir
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3 Year
2022-05-06T15:48:47+00:00 2022-05-06T15:48:48+00:00Comment
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