BIG RELIEF GST में आया जबरदस्त फैसला I CA Satbir Singh
If under constructed Building is purchased , whether deduction of 1/3rd of Land will be made or Actual land Value will be reduced for GST ?
The impugned paragraph 2 of Notification No. 11/2017- Central Tax (Rate) dated 28th June 2017 and the parallel State tax Notification is read down to the effect that the deeming fiction of 1/3rd will not be mandatory in nature. It will only be available at the option of the taxable person in cases where the actual value of land or undivided share in land is not ascertainable.