Value of Development Rights in the hand of land owner promoter for discharge of GST under RCM

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..... Value of Development Rights in the hand of land owner promoter for discharge of GST under RCM
Query (Issue) Started By: - hubert fernandes Dated:- 11-3-2023 Last Reply Date:- 12-3-2023 Goods and S .....

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..... ervices Tax - GST
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GST
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 shal .....

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..... l 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 .....

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..... 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 p .....

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..... roject Regards Hubert Reply By Shilpi Jain: The Reply: 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 .....

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..... then value of development service received from the developer Else cost + 10%.
Discussion Forum - Knowledge Sharing .....

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