GST rate choice in real estate: landowner and developer must adopt the same option; ITC rules and valuation clarified. The FAQs explain that in area sharing arrangements both landowner promoter and developer promoter must adopt the same GST option; apartments provided in exchange for development rights or FSI are taxable and valued by reference to prices charged to independent buyers nearest the transfer date; promoters opting for concessional low rate schemes without ITC must pay that tax in cash and cannot use ITC against it; ITC charged by a developer to a landowner on construction is available where tax was paid at rates permitting ITC; the 80% procurement-from-registered-persons threshold excludes salaries and land purchases but includes exempt inward supplies for valuation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
GST rate choice in real estate: landowner and developer must adopt the same option; ITC rules and valuation clarified.
The FAQs explain that in area sharing arrangements both landowner promoter and developer promoter must adopt the same GST option; apartments provided in exchange for development rights or FSI are taxable and valued by reference to prices charged to independent buyers nearest the transfer date; promoters opting for concessional low rate schemes without ITC must pay that tax in cash and cannot use ITC against it; ITC charged by a developer to a landowner on construction is available where tax was paid at rates permitting ITC; the 80% procurement-from-registered-persons threshold excludes salaries and land purchases but includes exempt inward supplies for valuation.
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