GST UPDATE ON TREATMENT OF JOINT DEVELOPMENT AGREEMENTS – PART III
By: – Pradeep Jain
Goods and Services Tax – GST
Dated:- 30-11-2017
In past two updates, we have discussed the various aspects of Joint Development Agreements in GST regime. In these updates, we have analyzed the provisions which state that GST is payable by the builder even on the flats transferred to land owner even though no consideration is received in cash. It will be taxable as the consideration is received in kind in form of land development rights. We have also done the valuation aspect of such flats that are being transferred to the land owner. In this update, we shall discuss the liability arising on part of land owner, when he further sells these fl
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ly visible in view of Schedule II to CGST Act, 2017. This schedule provides the list of activities that will be treated as "supply of goods" or "supply of services". Clause 5(b) to this schedule reads as follows:- "(b) construction of a complex, building, civil structure or a part 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."
The above language clearly speaks that the construction of complex, building or civil structure or a part thereof for sale to buyer except where the enti
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