AAAR Maharashtra rejects exemption plea for GST for sale of flat camouflaged as lease

The Maharashtra Appellate Authority of Advance Ruling (AAAR) has upheld the levy of Goods and Services Tax on real estate developers engaged in the development of land and construction of flats to be given on lease, saying that the transaction of sale of flats in the under construction building has been “projected” by the developer as a lease transaction of residential units. It has clarified that…