New Promoter Bound by Previous 12% GST Option with ITC for Ongoing Project

In re Godrej Residency Private Limited (GST AAR Maharashtra) Maharashtra Authority for Advance Ruling (AAR) has addressed the GST implications for Godrej Residency Private Limited, which acquired an ongoing real estate project “One Mahalaxmi” from Neelkamal Realtors Towers Private Limited. The project, consisting of two residential towers, had commenced development in 2011 and was registered under RERA in 2017. Following the introduction of a new GST regime for the real estate sector effective April 1, 2019, the then-promoter had exercised a one-time option to continue paying GST a...