Goods and Services Tax – Started By: – Vamsi Krishna – Dated:- 25-9-2017 Last Replied Date:- 26-9-2017 – We are into construction of residential flats and in the month of June'17 we have entered into JDA ( Joint development Agreement) with the land owners where in out of the total flats to be constructed few of them are ear marked/allocated. This has taken place on 23rd Jun'17 and as per Rule 3 of point of taxation of ST, the liability arises on the services provided to the land owner at the time of receipt of advance in the form of Land/Development rights. Since we have received the consideration (land/development rights) before construction of the flats, this is treated as Advance and ST has been paid accordingly @ 4.5% (consider
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edit of value added tax or service tax paid under the existing law to the extent of supplies made after the appointed day and such credit shall be calculated in such manner as may be prescribed. Rule 118 of CGST Rules, 2017 states that every person to whom the provision of clause (c) of sub-section (11) of section 142 applies, shall within a period of ninety days of the appointed day, submit a declaration electronically in FORM GST TRAN-1 furnishing the proportion of supply on which Value Added Tax or service tax has been paid before the appointed day but the supply is made after the appointed day, and the Input Tax Credit admissible thereon. In my opinion the use of the word 'shall' indicates the mandatory nature of the provisions.
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