GST liability on Complete Commercial Project under Area Sharing

[Kalpesh Shah]

Respected Seniors and experts

Querry : Our client is a Partnership Firm, entering into a Joint Development Agreement for Industrial Premises. The Terms of Agreement is Area Sharing.

Whether benefit of Notification No. 06/2019, dated : 29-3-2019, can be taken to postpone the GST liability till Occupancy Certificate is Received ?

Thanking you in Advance

AI Summary

Partnership Firm Can Defer GST Liability on Industrial Project Using Notification No. 06/2019 for Area Sharing Agreement A partnership firm is entering a Joint Development Agreement for an industrial premises project with terms of area sharing. The firm inquired whether they could defer GST liability until receiving the occupancy certificate by utilizing Notification No. 06/2019 dated March 29, 2019. An expert confirmed that this notification applies to commercial projects, allowing the firm to postpone GST liability as intended.