Goods and Services Tax

After much thought and understanding its time to analyse the GST provisions on the real estate. Since the Real Estate sector is vast, we are starting a series of blog dedicated to the real Estate. Series would be name as GSTonRealEstate – Part 1. Real estate is one of the most tedious sector for discussion of applicability of GST. Various dimensions on which the applicability of GST on real estate can be discussed are as follows: 1)  Valuation : At the very outset it needs to be understood that the construction services provided by the developer shall be construed as services as per Schedule II of the CGST Act 2017. There is no concept of abatement as in the earlier laws. What is taxable is the sale of under construction property and not the one for which completion certificate has been obtained. The intent of the law is very clear, it wants to charge tax on the construction services per se and not the completed buildings. Once the property is complete and so...