Few Controversy resoled in GST by 47th GST Council Meeting
Some of the important decisions have been taken by the GST council.
Few interesting clarifications which would be issued in the due course (based on the GST Council recommendations)
1. Preferential Location Charges & Long Term Lease of Plot.
PLC to be treated as Long Term Lease of Plot and not a separate service. With this, probably the issue of PLC collected in relation to apartments as well will be resolved.
2. Additional Toll collected from non FASTAG vehicles to be treated as Toll charges. With this, probably the issue of treating penal interest by Banks / NBFC / FINTECH as ‘tolerating an act’ stands resolved.
3. Sale of Land ‘after’ levelling, laying down of drainage etc to be treated as sale of Land.
With this, probably the issue of applicability of GST on land after development appears to have been resolved. However, one needs to check if the clarification covers cases where land is sold after development / project completion or will also cover cases where under development land is also sold.
The copy of the press release same is covered in the press release issued by GST council as under: