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    <description>Supply of flats to existing members in a society&#039;s self redevelopment is taxable where consideration (including surrender of existing flats in kind) is received by the society prior to issuance of the completion certificate; if entire consideration is received only after the completion certificate or first occupation, Schedule III may exclude GST. Questions of valuation (FMV at agreement or allotment) and time of supply remain outstanding.</description>
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