2018 (10) TMI 1142 – AUTHORITY FOR ADVANCE RULING, GOA – 2018 (18) G. S. T. L. 565 (A. A. R. – GST) – Liability of tax – sale of villas after completion and obtaining necessary approvals from the competent authority – Held that:- The applicant has failed to produce supporting documents to prove that he has borrowed money from Mr. Zubin Dubash and the amount received by the applicant is accounted in the books of accounts of the applicant as loan and advances. In absence of the supporting documents the amount received by the applicant has been considered as advances received towards sale of villa. The applicant has received advance towards sale of villa prior to issuance of completion certificate. Hence, the same is taxable under GST Act @ 1
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low No. 7, Kamat Kinara, Miramar, Panaji – Goa seeking an Advance Ruling in respect of the following question: Determination of liability to pay tax on sale of villas after completion and obtaining necessary approvals from the competent authority . The applicant is a limited Liability Partnership Firm engaged in the business of building villas for sale in Goa and is having GSTIN 30AAAFU6041P2Z8. The applicant states that, they construct villas for sale when they are ready and after getting the occupancy certificate. During the last year due to financial constrains they borrowed money from Mr. Zubin Dubash amounting to ₹ 5,50,00,000/- on 30/03/2017 and during this year they received and advance of ₹ 11,23,74,756/- from said perso
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for such supply less the value of land or undivided share of land, as the case may be. Such supply shall be deemed to be one third of the total amount charged for such supply. Here total amount means sum of total consideration charged for aforesaid service and amount charged for transfer of land or undivided share of land as the case may be. In the instant case the applicant has taken advance of ₹ 5,50,00,000/- on 30/03/2017, ₹ 1,00,00,000/- on 11/07/2017, ₹ 1,00,00,000/- on 08/08/2017, ₹ 44,35,002/- on 01/11/2017, ₹ 19,39,754/- on 01/01/2018 and ₹ 8,60,00,000/-on 08/03/2018 from Mr. Zubin Dubash and claimed it as borrowings from him and later on due to financial difficulty decided to sell the same villa
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