2018 (10) TMI 599

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....  The applicant is executing a layout development project 'Emerald Hills'. They have converted eleven acres of property into residential plots with the facility of paved roads up, water and electricity supply to each plot, water drains, trees, party hall, health club, play courts, compound wall etc. Total cost of plot is divided as cost of land and cost of development. Land component cons....

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....on pro rata basis, on plots sold after completion? The Director of the firm was heard and he reiterated the points already given along with the application. The issue was examined in detail. As per Paragraph 5 of Schedule III of the GST Act, sale of land and, subject to clause (b) of para graph 5 of Schedule Il, sale of building shall be treated neither as a supply of goods nor as a supply of s....

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....or plot as well as undivided share in common area attracts only stamp duty and registration charge. The Input Tax Credit availed in respect of the GST paid on goods and/ or services used / consumed for the development of the land is liable to be reversed on pro rata basis in respect of the plots sold after the issuance of completion certificate. In view of the observations stated above, the fol....