TaxTMI 
TaxTMI 
Gst applicability to land owner and developer
X X X X Extracts X X X X
X X X X Extracts X X X X
....st applicability to land owner and developer<br> Query (Issue) Started By: - ShankarDurgaVaraPrasad P Dated:- 28-10-2019 Last Reply Date:- 28-10-2019 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>Good morning every body, My query is -- My client is a builder, his nature of business is taking land from land owners for development and he constructs apartments. on 01/04/2017 builder and la....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nd owner came into an development agreement and in that agreement their ratio mentioned as 50:50. The land owner had the right to transfer his share of flats on his own. Whatever the capital gains and service tax(gst) liable in case of owner had to be born by the land owner himself. These were the points mentioned in the agreement. Completion certificate got by builder in the month of december 201....
X X X X Extracts X X X X
X X X X Extracts X X X X
....8 . Now my query is this agreement done before introduction of gst. Whether gst applicable or not. if applicable what is tax consequence in the hands of land owner and builder. kindly give clarity and guide me. thanks in advance. Reply By Alkesh Jani: The Reply: Sir, In this regards, Please refer Section 142(10) of CGST Act, 2017. In this regards, my point of view is that for the amount for whi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ch VAT/S.T. is already paid, is to be deducted and for amount received after the appointed day GST is payable. Thanks Reply By KASTURI SETHI: The Reply: I agree with Sh.Alkesh Jani Ji. The period prior to 1.7.17 is covered under sub-section 10 , "save as otherwise ----------------". (10) Save as otherwise provided in this Chapter, the goods or services or both supplied on or af....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ter the appointed day in pursuance of a contract entered into prior to the appointed day shall be liable to tax under the provisions of this Act. Reply By Atul Rathod: The Reply: I understand that question is related to development right given by land owner to developer. Development right is not taxable in previous regime. Though for the collection for the flats , would go with the view of above....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... experts. Reply By KASTURI SETHI: The Reply: Sh. Shankar Durga Vara Prasad P is requested to go through Board's Circular Nos.151/2/2012-ST dated 10.2.12 and 354/311/2015-TRU dated 20.1.16 thoroughly (word for word) regarding the leviability of Service Tax on 'Transfer of Development Rights' for the period prior to 1.7.17.<br> Discussion Forum - Knowledge Sharing ....