Case Law Details
In re Quattroporteluxury Homes LLP (GST AAR Goa)
Determination of liability to pay tax on sale of villas after completion and obtaining necessary approvals from the competent authority
The applicant has failed to produce supporting documents to prove that he has borrowed money from Mr. Zubin Dubash and the amount received by the applicant is accounted in the books of accounts of the applicant as loan and advances. In absence of the supporting documents the amount received by the applicant has been considered as advances received towards sale of villa. The applicant has received advance towards sale of villa prior to issuance of completion certificate. Hence, the same is taxable under GST Act @ 12%.
FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING ,GOA
The present application has been filed under section 97 of the Goa Goods and Services Tax Act, 2017 and the Central Goods and Services Tax, Act 2017 (hereinafter referred to as the SGST Act and CGST Act) by Quattroporteluxury Homes LLP, Bunglow No. 7, Kamat Kinara, Miramar, Panaji – Goa seeking an Advance Ruling in respect of the following question: “Determination of liability to pay tax on sale of villas after completion and obtaining necessary approvals from the competent authority”.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
