SAU-5 | “No GST on sale of ready to move in flats” Clarification Issued
In a recent press release dated 8th December 2018, CBIC has clarified that there is no GST on the sale of complex or building and ready to move-in flats where the sale takes place after the issue of completion certificate by the competent authority. GST is applicable only on the sale of under-construction property or ready to move-in flats where completion certificate is not issued till the time of sale.
Further, the effective rate of tax and credit available thereon has been given in the form of a summarised table. It has also been clarified that the builders are required to pass on the benefits of lower tax burden under GST to the buyers.
Click here to download the copy of press release.