Valuation and GST on residential real estate construction: concessional rates allowed for affordable and other units subject to conditions.
Case-Laws
GST
Construction activity was held to involve both supply of goods and supply of services, and a project meeting the residential real estate project definition with under 15% commercial carpet area qualifies for concessional entries 3(i) and 3(ia); outcome – applicant may apply concessional GST rates subject to prescribed conditions. Valuation for taxable value must follow the valuation mechanism in paragraph 2 of the notification to exclude land value, and consequence – taxable value is computed after allowing deduction of one-third of the total amount charged for the supply.
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