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Value of Development Rights in the hand of land owner promoter for discharge of GST under RCM, Goods and Services Tax - GST |
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Value of Development Rights in the hand of land owner promoter for discharge of GST under RCM | ||
In formula prescribed under first proviso to Entry 41A of Notfication 12/2017- the Revenue vide F.No/354/32/2019 -dated 14/5/2019 has clarified that GST shall b e payable @ 18% on Development rights. What value shall be adapted by the developer towards "Value of Development Rights" for discharge of liability under RCM? vis a vis the formula ie GST payable on TDR or FSI (including additinal FSI) or both for construction of the project * carpet area of residential apartments / total carpet area of residential and commercial apartment in the project Regards Hubert Posts / Replies Showing Replies 1 to 1 of 1 Records
For determining that value one could refer to the valuation rules, rule 27 i.e. open market value of the development rights if not available then value of development service received from the developer Else cost + 10%. 1 |
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