In Re: M/s. Quattroporteluxury Homes LLP
GST
2018 (10) TMI 1142 – AUTHORITY FOR ADVANCE RULING, GOA – 2018 (18) G. S. T. L. 565 (A. A. R. – GST)
AUTHORITY FOR ADVANCE RULING, GOA – AAR
Dated:- 20-9-2018
ARN No. GOA/GAAR/2 of 2018-19/2270
GST
SHRI ASHOK V. RANE AND SHRI S.K. SINHA, MEMBER
Person Present for Hearing: C.A. Jetin Kumar Paty
PROCEEDING
(Under Section 98 of the Goa Goods and Services Tax, Act 2017)
The present application has been filed under section 97 of the Goa Goods and Services Tax Act, 2017 and the Central Goods and Services Tax, Act 2017 (hereinafter referred to as the SGST Act and CGST Act) by Quattroporteluxury Homes LLP, Bunglow No. 7, Kamat Kinara, Miramar, Panaji – Goa seeking an Advance Ruli
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hey have inadvertently paid the GST on the borrowings.
As per the provision of GST Law construction of a complex, building, civil structure or apart thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or after its first occupation whichever is earlier.
In case of supply of services specified above involving transfer of property in land or undivided share of land, as the case may be, the value of supply of service and goods portion in such supply shall be equivalent to the total amount charged for such supply less the value of land or undivided share of land, as th
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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 @ 12%.
ADVANCE RULING UNDER SECTION 98 OF CGST/GGST ACT, 2017
The advance amount received for sale of villa on or after the appointed day prior to issuance of occupancy certificate by the local panchayat is considered as construction services and GST is applicable on two third of the total amount
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