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Prashanth Reddy Yalala

Latest Posts by Prashanth Reddy Yalala

Applicability of GST on Sale of developed Plots (where developer is owner of Land) Before completion Certificate

August 27, 2021 17391 Views 0 comment Print

Applicability of GST on Sale of developed Plots (where developer is owner of Land) Before completion Certificate In general practice many developers treating it as sale of Land by taking an assumption that basic facilities provided such as Roads, drainage system, Electrical work, etc along with land as an ancillary services and sale of land […]

Allowability of ITC to Landowner before completion certificate

June 7, 2021 7539 Views 0 comment Print

Allowability of ITC to the Landowner before completion certificate through Notification No 2/2021 & 3/2021 of Central Tax (Rate) As per recommendations of GST council in the 43rd meeting held on 28th May 2021 in relation to allowability of credit of taxes paid by developer to the landowner notified through notification 2/2021 & 3/2021 Central […]

Summary of GST Notifications issued on 01-06-2021 by CBIC

June 3, 2021 11622 Views 0 comment Print

1. Notification No. 16/2021 of Central Tax Dated: 01/06/2021 Appointed Effective date for provisions of section 112 of Finance Act, 2021 as 1st June, 2021, which amended Sub section (1) Section 50 of Central Goods and Services Act retrospectively. i.e., Interest shall be levied only on the portion of the tax which is paid by […]

Nature of Supply in case of Billing address is outside India & Ultimate Recipient is in India

May 12, 2021 5961 Views 1 comment Print

Nature of Supply in case of Billing address is outside India and Ultimate Recipient is in India: 1. Export of Goods (Section 2(5) of IGST Act): Taking Goods out of India to a place outside India. In the above case Goods are not going out of India. Therefore, it can not be treated as export […]

GST Implications in case of Joint Development Agreements

April 28, 2021 202794 Views 21 comments Print

Joint Development Agreement (JDA) It is an arrangement between the Land owner and the Builder/Developer, where the Land owner contributes his land and the Developer takes the full responsibility of obtaining approvals, construction, launching and marketing the project with the help of financial resources. We can find 3 types of transactions in every JDA 1. […]

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