Home Forum Goods and Services Tax - GST Month 10 2021 2021 (10) This
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GST on Joint Venture - Goods and Services Tax - GSTExtract ABC LLP which is holding 300 Cents of land is entering into a Joint Venture with XYZ LLP which is a developer for letting out commercial property. XYZ LLP shall build a commercial complex in the land belonging to ABC LLP and the registered JV will let out the building for rent charging 18% GST from tenant. The rent received by the registered LLP shall be shared between ABC LLP and XYZ LLP in 1:2 ratio. NB: Land will remain asset of ABC LLP and building will remain asset of XYZ LLP in books of accounts. Whether 1/3 and 2/3 rent shared between ABC LLP and XYZ LLP liable to GST? If so, would reg JV entitled to claim ITC?
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