GST Rate of tax on Advances received by Landlord share

[Ravikumar Doddi]

Dear sir,

Advances received by Landlord share from the prospective buyer, which construction would take place to complete in 2-4 years, Is GST Applicable, kindly enlighten with statutory provisions. Flats alloted in JDA on these flats only they are getting advances, kindly clarify

AI Summary

GST on advances: advances received by landlords attract GST, with applicable notified real estate service rate or scheme-based rate.
Advances received by a landlord under a joint development arrangement attract GST; the notified real estate service rate applies because no separate rate for advances is prescribed. Alternatively, for ongoing projects not continued under the earlier project-rate scheme, advances are taxable at the scheme-determined effective rate. Where receipts correspond to contractual milestones, the landlord must issue an invoice upon receipt instead of treating the amount as an untaxed advance.