Real estate developer's activities classified as works contract services, taxable under GST; value set at 40% per Rule 31.

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....Classification of services - works contract service or not - business of real estate developer and is developing a colony by executing joint development agreement with the land owner - the activities performed/to be performed by the applicant cannot be classified under Para 5 of schedule Ill. It amounts to supply of services under works contract and is liable to be taxed under GST Act - Rule 31 applies in the instant case and the value of supply is equal to the amount received/receivable by the applicant which is equal to 40% of the amount on which the plots are sold. - AAR....