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    The fate of indirect taxation in India, especially the taxation of services, is always like a rolling stone, which never gathers any moss. The positive list-based taxation was in vogue for certain period, and when the dust seems to be settled, the negative list-based taxation was introduced. When all the stake holders took a deep breath to unlearn the positive list-based taxation and learn the new law, then there was a repeal of negative list-based taxation and the introduction of goods and services tax law, more colloquially referred as GST. 

    Amidst the rapid changes of taxation of services, one sector which always felt the burnt of the changes is the real estate and construction sector. The development of law pertaining to this sector, if written goes into volumes. In this article, we are restricting ourselves only to analyse the recent decision of Vasantha Green Projects vs CCT, Rangareddy GST1 which was delivered by Hyderabad CESTAT. The said decision deals with the limited issue of applicability of service tax on the construction services provided by the builder to the land owner in the context of joint development agreement. 

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    Finance Act 2017 has introduced sub-section 5A to Sec 45 which provides for chargeability of capital gains on transfer of capital asset being land or building or both under a specified agreement in the hands of assessee being individual or HUF(here in after referred as eligible transferor).

    This section overrides the provisions of section 45(1) to the extent of year of chargeability as it is postponed to the year in which Certificate of Completion (COC) for whole or part of the project is issued rather than the year in which capital asset was transferred. 

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    IBC code – overview:

    Insolvency precedes bankruptcy and liquidation follow bankruptcy.

    Insolvency warnings:
    drop in sales
    delay in payments
    Increasing reliance on credit

    Cash flow test:
    when cash flow IN s less than cash flow OUT flow.

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    Objectives:

    • Introduction.
    • Reasons for Changes in ITR-Forms.
    • Detailed Explanation of ITR-Forms.
    • Other Moderate Changes in ITR-Forms.
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