AAR : Rejects applicant’s exemption plea for flat sale camouflaged as lease

Maharashtra AAR upholds levy of GST on applicant engaged in development of land and construction of  flats, to be given on lease, holds that “transaction of sale of flats in a building under construction is being projected as a lease transaction of residential unit by the applicant”; Notes that the applicant develops property by construction of commercial and residential units and transfers them under lease on payment of 'lease consideration'; Notes that customers wo...