TMI BlogTo amend notification No-12-2017 StateTax (Rate) to exempt certain services for real estate sectorX X X X Extracts X X X X X X X X Extracts X X X X ..... ification, Finance Department No. No.(GHN-41)GST-2017/S.11(1)(7)-TH dated the 30th June, 2017, Notification, No.12/2017- State Tax (Rate), namely:- In the said notification, - (i) in the opening paragraph, for the word, brackets and figures sub-section (1) of section 11 the word,brackets and figures , sub-section (3) and sub-section (4) of section 9, sub-section (1) of section 11,sub-section (5) of section 15 and section 148, shall be substituted; (ii) in the Table, - (a) after serial number 41 and the entries relating thereto, the following serial numbers and entries shall be inserted, namely: - (1) (2) (3) (4) (5) 41A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d herein]x (carpet area of the residential apartments in the projectwhich remain un- booked on the date of issuance of completion certificate or first occupation Total carpet area of the residential apartments in the project) Provided further that tax payable in terms of the first proviso hereinabove shall not exceed 0.5per cent.of the value in case of affordable residential apartments and 2.5 per cent. of the value in case of residential apartments other than affordable residential apartments remaining un-booked on the date of issuance of completion certificate or first occupation The liability to pay State tax on the said portion of the development rights or FSI, or both, calculated as above, shall arise on the date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s attributable to the residential apartments, which remain un- booked on the date of issuance of completion certificate, or first occupation of the project, as the case may be, in the following manner - [GST payable on upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for long term lease of land for construction of the residential apartments in theprojectbut for the exemption contained herein] x (carpet area of the residential apartments in the project which remain un- booked on the date of issuance of completioncertificate or first occupation Total carpet area of the residential apartments in the project); Provided further that the tax payable in terms of the first pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relating to Explanation, after clause (iv), the following clause shall be inserted, namely: - (v) 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). (vi) The term affordable residential apartment shall have the same meaning as assigned to it in the Government Notification, Finance Department No.(GHN-32)GST-2017/S.9(1)(2)/TH dated the 30th June, 2017, Notification No. 11/2017-State Tax (Rate), as amended. (vii) 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). (viii) The term project shall m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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