Seeks to amend notification No. 1137-F.T. dated 28.06.2017 so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector - 554-F.T. - 5/2019-State Tax (Rate) - West Bengal SGST

GOVERNMENT OF WEST BENGAL FINANCE DEPARTMENT REVENUE NOTIFICATION No. 554-F.T. Howrah, the 29th day of March, 2019. No. 5/2019-State Tax (Rate) In exercise of the powers conferred by sub-section (3) of section 9 of the West Bengal Goods and Services Tax Act, 2017 (West Ben. Act XXVIII of 2017), the Governor, on the recommendations of the Council,is pleased hereby to make the following further amendments in this Department Notification No. 1137-F.T. [13/2017-State Tax (Rate)], dated the 28th June, 2017, published in the Kolkata Gazette, Extraordinary, Part I: Amendments In the said notification, (i) in the Table, after serial number 5A and the entries relating thereto, the following serial number and entries shall be inserted, namely: (1) (2) (3) (4) 5B Services supplied by any person by way of transfer of development rights or Floor Space Index (FSI)(including additional FSI) for construction of a project by a promoter. Any person Promoter. 5C Long term lease of land (30 years or more) by any person against consideration in the form of upfront amount (called as premium, salami, cost, price, development charges or by any other name) and/or periodic rent for construction of a project by a promoter. Any person Promoter. ; (ii) in the Explanation, after clause (h), the following clauses shall be inserted, namely: (i) the term apartment shall have the same meaning as assigned to it in clause (e) under section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016). (j) the term promoter shall have the same meaning as assigned to it in clause (zk) under section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016). (k) the term project shall mean a Real Estate Project (REP) or a Residential Real Estate Project (RREP); (l) the term Real Estate Project (REP) shall have the same meaning as assigned to it in in clause (zn) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016). (m) the term Residential Real Estate Project (RREP) shall mean a REP in which the carpet area of the commercial apartments is not more than 15 per cent. of the total carpet area of all the apartments in the REP. (n) floor space index (FSI) shall mean the ratio of a building's total floor area (gross floor area) to the size of the piece of land upon which it is built. . 2. This notification shall come into force with effect from the 1st day of April, 2019. By order of the Governor, RAJSEKHAR BANDYOPADHYAY, Additional Secretary to the Government of West Bengal