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If a person collected Advance for sale of property and complete payment has been made after implication of GST. What is the treatment of the advance collected before implication of GST.
Answers (4)
Best Answer
GST is not all applicable on Sale of property as per Schedule III of CGST Act 2017, To clarify further, there are the following situations: 1. GST is not applicable on the sale of land, hence advance received for it won't be covered under GST. 2. Advance collected on the sale of the building before completion certificate and balance consideration collected after completion certificate, then GST is applicable on such advance. 3. Advance collected on Sale of Constructed property (for which completion certificate is obtained) - GST is not applicable as per Schedule III of CGST Act 2017.
KEERTHI PRIYA
GST is not all applicable on Sale of property as per Schedule III of CGST Act 2017, To clarify further, there are the following situations: 1. GST is not applicable on the sale of land, hence advance received for it won't be covered under GST. 2. Advance collected on the sale of the building before completion certificate and balance consideration collected after completion certificate, then GST is applicable on such advance. 3. Advance collected on Sale of Constructed property (for which completion certificate is obtained) - GST is not applicable as per Schedule III of CGST Act 2017.
What if the advance collected on the Sale of building before completion certificate and before GST Act comes into force, then will GST be applicable on such Advance??
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CIN: U74999TG2017PTC116012 | GSTIN: 36AAECI4332C1Z0 | PAN: AAECI4332C