Q. 630 Housing society demolishing existing building and reconstructing again.existing 24 flats /members and now 30 flats will be constructed.24 will be given to existng members with 20 lkh contribution each member and balance 6 flats will be sold before completion to compensate building expenses.pl tell me gst taxation and whether RERA application is needed? society already collected 17 each member contribution and construction started and no escrow account used.what care is to be taken in this case for RERA ?

Ans. In general, RCM is applicable on transfer development rights. And GST is applicable on pre- sale plus allotments to buyers. We are required to do a deep analysis of this. As the wrong response may create tax liability, it is recommended to take professional advice. 

Q759. I filed my IT return in July but realised a portion of income was left out because it wasn’t in 26AS (no TDS is applicable). I wish to now revise it but its taking the income beyond audit limit and I figured tax audit is applicable. Can I do the tax audit in Sep and file a revised return by October? Will AO accept it and what are the penalty provisions? Thank you very much

Ans: Apology, as we can answer queries related to GST

Ques: If a company has its registered office in Delhi (say CA office), a corporate office in Karnataka with no turnover and a manufacturing unit in Chennai where all transactions occur, would ISD registration be required in Chennai considering ITC ISD distribution may not be feasible due to absence of turnover in the other units?

Ans: ISD Registration in Chennai will not be required rather require at Delhi in case we have certain credit to transfer