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AAR held that the Joint Development Agreement between the developer and landowner constitutes a 'supply' of services under the CGST Act, as per entry 5(b) of Schedule II. The developer's construction of residential flats for the landowner, in consideration of transfer of development rights (TDR), is taxable as construction service. As the project is not an affordable residential project, GST at 5% (without ITC) is applicable on the landowner's share of flats, with taxable value determined on the open market value of similar flats sold to independent buyers around the date of transfer of development rights. Further, the landowner's TDR to the developer is a taxable service at 18%, with GST on unsold units payable by the developer under RCM on completion/first occupation.
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