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TMI BlogSale of flats under GST whether to be shown in Turnover.He is also doing sale of taxable supplies.X X X X Extracts X X X X X X X X Extracts X X X X ..... Sale of flats under GST whether to be shown in Turnover.He is also doing sale of taxable supplies. X X X X Extracts X X X X X X X X Extracts X X X X ..... ndra Prasad Ji, In case sale of flats is after obtaining completion certificate i.e. they are immovable property, then it will be covered under entry number 5 of Schedule III - "No Supply" and shall accordingly be shown in returns. Further, explanation to section 17(3) of the Act requires a person to include this value in the value of exempt supplies only for the purposes of calculatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g/apportionment of credit. However, there are different school of thoughts in ensuring compliance with this provision. Reply By Rachit Agarwal: The Reply: Sale of Flats after obtaining the Completion Certificate would niether be supply of goods nor be supply of services as the same falls within the ambit of Schedule III to Section 7 of the CGST Act, 2017. Hence the same would not be part of &qu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot;Aggreate Turnover" as defined u/s 2 of the CGST Act, 2017 Reply By Ganeshan Kalyani: The Reply: I understand the taxpayer is having two business vertical, one is sale of flats and another is supply of taxable goods. (If my understanding is incorrect, please furnish the correct facts). If two different vertical then sale of flat would be included in the return. It will be shown under exem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pt supply if sold after the completion certificate is received. Under such scenario very less flats would be available. Major flats are sold while they are under construction. Since it gives financial inflow from the customer who books the flats. X X X X Extracts X X X X X X X X Extracts X X X X
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