What is the GST treatment for Land development agreement?
We are Land owner, which has a Land development agreement with developer: To exchange Land with Developer in return of 10 units of shoplots. Agreement entitlement price RM800k. After the development, Developer sell the shop lots to end buyer on behalf of our company (Land owner), selling price RM1 mil. What is GST treatment?
Do we issue only 1 tax invoice for the shoplot selling price only? Do we have to do a Deemed supply transaction for the construction cost of the shoplot? Or do we issue another Tax invoice for the use of land? What amount should be used?