Experts see grey spots in GST on under-construction flats

Indirect tax experts and real estate developers seem to have issues with the deduction of one-third of the value of a flat under construction for calculating the GST liability. The finance ministry, by its June 28 notification, allowed one-third of an apartment cost to be deducted towards the transfer of land or the undivided share of land and pay GST at the rate of 18% on the balance amount. The…