In my clients books factory building is there of Rs. 500000 , if he sells that building whether gst will be applicable?
Reply—As per Para 5 of schedule III of CGST Act, "Sale of land and, subject to clause (b) of paragraph 5 of Schedule II, sale of Building" shall not be treated as supply of goods or service. Therefore, no GST is applicable on sale of land and Building.
Posted Date: Feb 01, 2021