Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
The AAR held that the GST rate for the project is governed by the one-time option exercised by the original promoter at 12% with input tax credit. The applicant is bound by this project-specific election and cannot switch to a 5% rate without input tax credit. The ruling emphasizes that the tax treatment is project-based, not promoter-specific. Consequently, the applicant must discharge GST at 18% (9% CGST + 9% SGST) with input tax credit, applying a one-third deduction for land value. The option applies uniformly to existing and new buyers, preventing differential tax rates within the same project.
The AAR held that the GST rate for the project is governed by the one-time option exercised by the original promoter at 12% with input tax credit. The applicant is bound by this project-specific election and cannot switch to a 5% rate without input tax credit. The ruling emphasizes that the tax treatment is project-based, not promoter-specific. Consequently, the applicant must discharge GST at 18% (9% CGST + 9% SGST) with input tax credit, applying a one-third deduction for land value. The option applies uniformly to existing and new buyers, preventing differential tax rates within the same project.
Note: It is a system-generated summary and is for quick reference only.
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