TaxTMI 
TaxTMI 
In case of self redevelopment by society itself, whether gst needs to be charged on flats allotted to existing members ?
Gst on flats allotted to members
23 Jun 2022 
4 Replies 
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Taxability of redevelopment allotments: supply is taxable where consideration is received before completion certificate, including surrender in kind.
Supply of flats to existing members in a society's self redevelopment is taxable where consideration (including surrender of existing flats in kind) is received by the society prior to issuance of the completion certificate; if entire consideration is received only after the completion certificate or first occupation, Schedule III may exclude GST. Questions of valuation (FMV at agreement or allotment) and time of supply remain outstanding. (AI Summary)
Supply of flats to existing members in a society's self redevelopment is taxable where consideration (including surrender of existing flats in kind) is received by the society prior to issuance of the completion certificate; if entire consideration is received only after the completion certificate or first occupation, Schedule III may exclude GST. Questions of valuation (FMV at agreement or allotment) and time of supply remain outstanding. (AI Summary)