Articles 17th Aug 2022
Industry was keenly awaiting the decisions of the 47th GST Council meeting which took place after a long six-month gap from the previous meet. The response to the GST Council recommendations has been a mixed one. A much-debated issue being- Circular No. 177/08/ 2022 dated August 03, 2022 (Circular) which essentially clarified the ‘Taxability on sale of developed plots’, amongst others.
Against this backdrop, Vivek Baj, Partner, and Nikita Brahmankar, Principal Associate at Economic Laws Practice (ELP) have co-authored an article for Taxsutra titled ‘Sale of Developed Plot- Developers on the Fence’. In their article, Vivek and Nikita recollect the status of the issue prior to the issuance of circular, and paddle through a number of advance rulings on the subject which gave diverging viewpoints and had become a source of further ambiguities. They further highlight certain pertinent issues where despite the clarification, the taxability on developed plots is still a puzzle – given the varied misgivings surrounding subject.
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