GST Liability under JDA

This query is : Resolved

Krishna (Querist)
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17 December 2023 Where a land owner enter into JDA with builder having following terms:
Total flats 100
Flats to landowner 30
Flat sold before issue of cc or first occupation 63
Unsold flats in issue of cc 7
Sale consideration of flat nearest to date of development agreement 80 lakhs
Sale consideration of flat nearest to issue of CC 100 lakhs.

Tax payable lower of a or b

a. 80 lacs*30 flats*18%× 7 flats divided by 100 flats=30.24 lacs

b. 7 flats*100 lakhs*5%= 35 lacs.

Thus GST payable by builder under RCM will be 30.24 lacs.

Is this calculation is correct ?

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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16 January 2024 https://www.captainbiz.com/blogs/gst-on-joint-development-agreement/#:~:text=The%20value%20on%20which%20GST,1%2C80%2C000.

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