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Need information on how GST will be calculated for apartment.
In general apartment cost inlcudes the cost of undivided land and construction charges.It means if flat cost is 30 Lakhs it includes land share cost and construction of the flat cost.
While paying GST ,do we need to pay to full flat cost(30 Lakhs in above example) or do we need to exclude land cost ?(Does it mean GST charged only for flat construction cost ?)
The calculation of the amount of GST payable at the time of filing returns, is quite a complex task.
A taxpayer must consider all aspects and provisions such as reverse charge, exempted supplies inter states sales along eligible and non eligible ITC before calculating the amount of GST payable.
If you pay less amount, then you are liable to pay interest @18% on the shortfall. This is why calculating the correct amount of payable GST become vital.
Get more information visit at: http://www.companyformationindia.com
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Hi I recently purchased under construction flat 1 year back.
But the developer last 2 months is charging GST. I can also checked several developers are charging GST.is Real estate included in GST?
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