GST is applicable after 1st July. So u need to pay after that and take the input credit
Hello, I have got a piece of land in Assam. I have given that to a builder on lease to build flats. I will get a flat in lieu of land. Flat is not yet ready. Do I have to pay GST now for that. thanks.
Hi,
Yes, you have to pay GST after 1 July 2017.
Please feel free to call/ revert in case of any doubts
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hello Sir,
As far as I have understood you have given him land on lease and in exchange of it he will be giving you a flat. Under the GST laws even barter exchange is considered as a consideration as Exchange. If any way if you can prove that the deal or the exchange has happened any time before 01st July then GST shall not be payable or else it will be.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP