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GST on Agreement Value or on Stamp Duty value
Case Law Details
- Case Name
- In re Pankaj Enterprises (GST AAR Karnataka)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- AAR Karnataka, Advance Rulings
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In re Pankaj Enterprises (GST AAR Karnataka)
The applicant has sought clarification about determination of taxable value of commercial immovable property for the purpose of GST liability i.e whether the sale consideration mentioned in the sale deed between builder and proposed purchaser or guidance value fixed by the state government authorities for the purpose of registration should be considered as taxable value for the purpose of GST liability.
From Section 15 of CGST Act 2017, it is clear that the GST Act contemplates to treat the transaction value as the value of supply u...
11. However, in case of apartments, the land value is fixed at one third of the value of the apartment involving the transfer of land along with the building, in Notification No.11/2017-Central Tax (Rate) dated 28.06.2017. In such cases, the value of land is calculated as per the above specification and no other value is acceptable for the said land value.”
ADMN: Please note TO UPDATE in the light of the Guj. HC Judgment holding that such fixation of the value of land is arbitrary and unconstitutinal !