Agri and business
439 Points
Joined December 2015
In a joint venture Land Development project, for construction of residential units ( 50% : 50%).( assume there are 10 units to be made , selling rights of Nos.5units with the Builder and Nos.5 unit with the land owner ).
Accordingly Builder makes all purchases, renders all services at site ,gets all purcahse /services bills in the name of Builder, with input GST on construction activity of all units ,
Now at the time of selling , The Builder has input bills of all residential units (10 Nos.in this case), while selling his predefined resi.units(5 Nos.in this case) to third parties, can Builder get setoff of GST all input (10 units)on part units (5 units)while selling ?
can land owner charge entire GST on his share built units, from third parties ( Nos.5 in this case)? as per joint venture land development agreement?
if yes , is it necessary for land owners to be registered under GST? and to file GST returns, but there is No materialistic input by him, what input GST that he has to show?