A division bench of the Gujarat High Court comprising Mr. Justice J.B.Pardiwala and Ms. Justice Nisha M. Thakore has read down paragraph 2 of Notification No. 11/2017 mandating 1/3rd deduction of Land as ultra virus. As per the notification, the entire consideration towards the sale of land has not been excluded for the purpose of computing tax liability under the GST Acts. 1/3rd of the total consideration has been deemed to be land value as per paragraph 2 of the impugned notification.
Source Taxscan
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