Place of supply rules for SM REIT token transactions determine GST treatment, registration, and export eligibility across services.
Place of supply under the IGST Act determines whether SM REIT and token-related services attract IGST or CGST and SGST, and whether cross-border services qualify as export of service. Fund management fees to the SM REIT trust follow the general rule under Section 12(2)(a), property management services directly related to immovable property follow Section 12(3), and legal or advisory services remain under Section 12(2)(a). Platform fees depend on the investor's status and location, while post-omission of Section 13(8)(b), cross-border services to NRI or foreign investors follow Section 13(2) and may qualify as zero-rated exports. (AI Summary)

GST treatment of fractional ownership platforms turns on securities exclusion, taxable manager fees, rental income, and SPV transfer risks.
Fractional ownership platforms and Small and Medium REIT structures raise unresolved GST questions across the real estate investment lifecycle. Property transfer to the SPV may fall within the Schedule III exclusion for sale of land and building, but continuing obligations or leaseback features may create recharacterisation risk and input tax credit reversal issues. Investment manager services are taxable, rental income from commercial property is subject to GST, and distributions of net distributable cash flow are not supplies. SM REIT unit transfers are generally outside GST as securities. (AI Summary)