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GST IMPLICATIONS ON DEVELOPMENT OF PLOTS. Contributed by CA Sri Harsha and CA Manindar. Introduction: Development agreements are popular not only with respect to the construction of residential or commercial complexes but also with respect to laying and development of plots.
implications on development of plots, wherein, we have identified four transactions which are common to any development agreement: Transaction I - Transfer of Development Rights (TDR) by landowner to developer
plots are retained by the developer. 6 plots owned by land owner and 4 plots owned by developer are sold prior to completion of development at Rs. 10 Lac each. ITC paid on goods and service consumed in the course of land development in INR 3,50,000.
31 paź 2023 · This article provides a comprehensive analysis of GST in the real estate sector, exploring various tax options, joint development rights and agreements, as well as specific scenarios like the sale of plots and slum rehabilitation.
10 sie 2022 · In view of recent clarification by the Central Board of Indirect Taxes through its Circular vide No. 177/09/2022 TRU dated 3rd August 2022, there is once again buzz in the real estate sector about the GST implications on development and sale of plots.
Introduction. The sale of 'developed plots' with primary amenities is not equivalent to 'sale of land' and, accordingly, it will attract Goods & Services Tax (GST), the Authority for Advance Rulings (AAR) says. This very important topic of debate, whether all transactions falls under GST Laws, such as sale of plots.
20 sie 2024 · This article analyses the impact of GST on the sale of land, sale of developed plots and the leasing of land, along with the availability of ITC.
