https://www.taxtmi.com/forum/issue?id=111700 The construction component of a sale (value of goods incorporated) can attract VAT when customers book flats before completion; taxation is tied to incorporation or contractual transfer timing. Receipts should be allocated between land (VAT-exempt) and construction (VATable); where a single composite price exists, allocation is required and developers often first adjust advances against land value, treating the balance as construction consideration chargeable to VAT, subject to deductions under the relevant VAT law. en-us Tue, 28 Mar 2017 11:28:09 +0530 Thu, 23 Jan 2025 15:55:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=111700 The construction component of a sale (value of goods incorporated) can attract VAT when customers book flats before completion; taxation is tied to incorporation or contractual transfer timing. Receipts should be allocated between land (VAT-exempt) and construction (VATable); where a single composite price exists, allocation is required and developers often first adjust advances against land value, treating the balance as construction consideration chargeable to VAT, subject to deductions under the relevant VAT law. Discussion-Forum VAT / Sales Tax Tue, 28 Mar 2017 11:28:09 +0530 https://www.taxtmi.com/forum/issue?id=111700