Applicability of GST on Sale of developed Plots (where developer is owner of Land) Before completion Certificate
In general practice many developers treating it as sale of Land by taking an assumption that basic facilities provided such as Roads, drainage system, Electrical work, etc along with land as an ancillary services and sale of land is a principal supply [Sale of land and, subject to clause (b) of paragraph 5 of Schedule II, sale of building (Clause 5 of Schedule III read with clause (30) of Section 2 of CGST Act, 2017]
Source Taxguru
Latest Posts in "India"
- GST Reduction on Fruit Drinks Excludes Colas; Prices Remain Unchanged for Carbonated Beverages
- Supreme Court Stays Retrospective GST Penalty, Examines Applicability to Non-Taxable Persons
- India Unveils Simplified GST Rate Structure
- GST 2.0: Key Changes, New Rates, and Business Impact Explained
- Guide to GST Refunds for Unregistered Persons: Cancelled Service Contracts Explained
