GST treatment for construction of complex or building intended for sale is amended to clarify land-value inclusion and exclusion rules. Amendment to an existing Uttar Pradesh GST notification revises the opening description of the taxable supply covered by the notification. The substituted wording covers construction of a complex, building, or part thereof intended for sale to a buyer, where the amount charged includes the value of land or an undivided share of land, while preserving the exclusion for cases where the entire consideration is received after completion certificate, where required, or after first occupation, whichever is earlier. The amendment is stated to have retrospective effect from 20 October 2023.
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GST treatment for construction of complex or building intended for sale is amended to clarify land-value inclusion and exclusion rules.
Amendment to an existing Uttar Pradesh GST notification revises the opening description of the taxable supply covered by the notification. The substituted wording covers construction of a complex, building, or part thereof intended for sale to a buyer, where the amount charged includes the value of land or an undivided share of land, while preserving the exclusion for cases where the entire consideration is received after completion certificate, where required, or after first occupation, whichever is earlier. The amendment is stated to have retrospective effect from 20 October 2023.
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