Sale of immovable property treated as 'Supply'
Query (Issue) Started By: – NANDAKUMAR KONKAR Dated:- 31-1-2017 Last Reply Date:- 4-2-2017 Goods and Services Tax – GST
Got 4 Replies
GST
Under MGST Law, Clause 5 (b) of Schedule II [transactions to be treated as 'Supply'] states that :
\n"construction of a complex, building, civil structure or a part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or before its first occupation, whichever is earlier."
\nbroadly construed to mean that transfer of property under construction (where entire<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n n that when entire consideration is received before 1st occupation, it would not be a supply. So regardless of whether entire consideration is paid by buyer after CC or before 1st occupation, it would not be a supply. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Sale of immovable property treated as 'Supply' Query (Issue) Started By: – NANDAKUMAR KONKAR Dated:- 31-1-2017 Last Reply Date:- 4-2-2017 Goods and Services Tax – GSTGot 4 RepliesGSTUnder MGST Law, Clause 5 (b) of Schedule II [transactions to be treated as 'Supply'] states that : "construction of a complex, building, civil structure or a part … Continue reading “Sale of immovable property treated as 'Supply'”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2154","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2154"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2154\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nAlternately, if first occupation exception is not linked with receipt of entire consideration, it could mean in cases of occupation before issuance of CC, transaction would not be supply.
\nKindly clarify
\nCA Nandakumar Konkar
\nReply By KASTURI SETHI:
\nThe Reply:
\nDear Sir,
\n Note the words, "In GST there is no separate meaning for goods and services." written by Sh.M.Govindarajan, Sir in his article dated 1.2.17.
\nReply By KASTURI SETHI:
\nThe Reply:
\nPl. read "Goods or Services" instead of "goods and se<\/p>\n
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