Gujarat HC issues notice on artificial deduction of value of land

Karma Buildcon Through Chetan Rameshbhai Jogi Vs Union of India (Gujarat High Court) For Builders, Real Estate developers, Para 2 Notification No.11/2017 Central Tax (Rate) dated 28.6.2017 provides for deduction of 33% from the value of supply as deemed value of land. In some of the cases due to this artificial deduction of value of land, even land is getting taxed under GST which is in contravention of the provisions of Section 7(2) read with Schedule III. Therefore the validity and vires of entry 3(if) of notification is challenged before Gujarat HC by M/s Karma Buildcon. FULL TEXT OF THE JU...