Continuation for GST on JDA

Dear Sir,

Hope you are doing well !!

It is advisable to take a phone consultation for detailed discussion.

Your builder will have to pay GST on it.

Value of same would be value of flat sold to other people by the builder.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hi,

Determination of value of supply on which gst would be paid is as follows:

Rule 27. Value of supply of goods or services where the consideration is not wholly in money.-

Where the supply of goods or services is for a consideration not wholly in money, the value of the supply shall,-

(a) be the open market value of such supply;

(b) if the open market value is not available under clause (a), be the sum total of consideration in money and any such further amount in money as is equivalent to the consideration not in money, if such amount is known at the time of supply;

(c) if the value of supply is not determinable under clause (a) or clause (b), be the value of supply of goods or services or both of like kind and quality;

(d) if the value is not determinable under clause (a) or clause (b) or clause (c), be the sum total of consideration in money and such further amount in money that is equivalent to consideration not in money as determined by the application of rule 30 or rule 31 in that order.

We can discuss this in detail over phone

It would be the value of the similar flat sold to other people. Your builder would be charging the GST to you and remit the same to the government.

- As you have mentioned JDA in the subject line, I am assuming you are a landowner and have entered into JDA with the builder. Under JDA, if the TDR was made prior to 01.04.2019 then you would be required to discharge tax liability on the date of allotment letter/conveyance deed on the proportionate sharing belonging to you and taxable value would be value of flat.Tax rate will be 12%.

- If the TDR was made on or after 01.04.2019, then tax liability would be discharged by builder on RCM basis on the unbooked flats/apartments on the date of completion certificate or first occupation whichever is earlier. Value of supply would be value of flat and tax rate would be 5%.