AAR: Denies ITC on capitalised portion of “constructed commercial apartments”, used/intended for leasing/renting

Oct 22,2019

Karnataka AAR rules that supply of construction service to land-owner under JDA in lieu of transfer of developmental rights to promoters’ portion is taxable at 18% GST (CGST+SGST) under Notification No. 11/2017-Central Tax (Rate) as amended; Notes that applicant does not intend to supply constructed commercial apartments to any prospective buyer and is capitalizing the same and intends to use it for leasing/renting; Accordingly, holds that the project is not covered under d...

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