Ques: X ( Private Limited Company ) bought a piece of land from Y, ( Private Limited Company ) through registered conveyance deed. Consideration agreed in the form of Rs. xxxxx and Allotment of Flats ( Designated Area ) in the said land to Y.
1. Whether GST is payable on the allotment of designated area (Flats) given to Y as a consideration for the conveyance of the Land.
2. If GST is applicable on the said transaction, what will be the time / due date to discharge the GST Liability.
3. Yesterday, Taxo published Article in its portal regarding the case law of- In the High Court of Judicature at Bombay nagpur bench at Nagpu, writ petition No. 7135 of 2024- M/s Shrinivasa Realcon Private Limited vs. Deputy Commissioner Anti Evasion Branch, CGST & Central Excise Nagpur & Others- That GST is not applicable on the FSI Transfer
Weather the said case law applicable in our case also, and GST is not applicable in our case.

Ans: In case we are paying stamp duty for purchase of land then that activity will be outside GST ambit. At the same time if consideration is given in kind then as barter system the taxability of flats so given will be there at the time of consideration received I.e on acquisition of land itself. Rate of tax will be 5% without ITC benefit.