Question ID : 40370

GST on resale of under construction commercial property

Dear Sir, (1). Firm had purchased under construction commercial property. Firm was paying advance, on which 12% GST was charged by promoters / developers. The intention of the firm was to use this property as office premises. (2). Firm was capitalising GST paid, in books, since it is ineligible for ITC credit. (3). The property is still under construction and not completed yet. (4). Now the firm want’s to sale its commercial property. (5). Whether Firm is liable to pay GST on such resale of under construction property?

posted by Hitesh J Pandya on Aug 28 2019 12:00AM