In India, the gst on sale of commercial property is applicable under specific conditions. Understanding when GST applies and the applicable rates is crucial for both buyers and sellers in the real estate sector.
Is there any Selling Commercial Property GST?
GST is levied on the sale of commercial properties under the following circumstances:
If the commercial property is under construction or has been newly constructed, GST is applicable on the sale.
Once the construction is complete and the property has received a completion certificate, the sale of such properties is exempt from GST.
The GST rates on commercial property sales are as follows:
12% GST: Applicable on the sale of under-construction or newly constructed commercial properties.
Exempt from GST: Applicable on the sale of completed commercial properties that have received a completion certificate.
It's important to note that these rates are subject to change based on government notifications and amendments to tax laws.
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Wondering to know the
GST on sale of commercial property
? Let me help you with complete details. If you want to sell a commercial property, it is subject to Goods and Services Tax (GST). It involves various factors, such as the nature of the property transaction, the status of the buyer and seller, and other conditions.
Here are some key points you should consider:The GST on the sale of commercial property is only applicable when you are a registered taxpayer under GST.
The GST rate on the sale of under-construction commercial property is 18%.
If you are
selling a completed commercial property, it is exempt from GST.
You can also claim Input Tax Credit (ITC) for the GST paid on input goods and services during the construction of the commercial property.
I hope this information will help you with
GST on sale of commercial property
.
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What is GST on Sale of Commercial Property?
Rashmi Kushwaha
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2023-11-29T18:19:55+00:00 2023-11-29T18:19:56+00:00Comment
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