https://www.taxtmi.com/highlights?id=99225 A joint development agreement does not, by itself, create a taxable works contract for the landowner's share: VAT can arise only from the developer's construction obligations once agreements with flat purchasers are executed for monetary consideration. An exchange of an undivided share in land for a corresponding built-up share is barter, not sale, because no price moves from the landowner to the developer. Entry 54 of List II permits tax only on the goods element in a works contract, so levy on land or immovable property is outside legislative competence. A circular cannot supply a missing statutory machinery for valuation, and the composition scheme cannot enlarge taxability to non-taxable land value. en-us Tue, 28 Apr 2026 07:29:33 +0530 Tue, 28 Apr 2026 07:29:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=99225 A joint development agreement does not, by itself, create a taxable works contract for the landowner's share: VAT can arise only from the developer's construction obligations once agreements with flat purchasers are executed for monetary consideration. An exchange of an undivided share in land for a corresponding built-up share is barter, not sale, because no price moves from the landowner to the developer. Entry 54 of List II permits tax only on the goods element in a works contract, so levy on land or immovable property is outside legislative competence. A circular cannot supply a missing statutory machinery for valuation, and the composition scheme cannot enlarge taxability to non-taxable land value. Highlights VAT / Sales Tax Tue, 28 Apr 2026 07:29:33 +0530 https://www.taxtmi.com/highlights?id=99225