Joint Developement Agreement
This query is : Resolved
20 July 2022
A has entered in to Joint Development Agreement (JDA) with B for construction of 100% commercial premises on his land. B has allotted area to be constructed on the said plot. B has not given any monetary consideration to A against the JDA.
Query :
1. GST payable by A will be calculated on the cost of construction incurred by B for constructing the premises to be allotted to A
OR
2. On the market value of the premises on the date of obtaining Completion certificate from the Municipal authority.
Query :
1. GST payable by A will be calculated on the cost of construction incurred by B for constructing the premises to be allotted to A
OR
2. On the market value of the premises on the date of obtaining Completion certificate from the Municipal authority.
20 July 2022
Ans, 2 is correct...
Valuation shouls be as per Rule 27 of the Central Goods and services Tax Rules, 2017 read with section 15 of CGST Act, 2017.
Valuation shouls be as per Rule 27 of the Central Goods and services Tax Rules, 2017 read with section 15 of CGST Act, 2017.
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20 July 2022
Agreed with the above reply.
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