TMI BlogGoods and Services Tax - Tamil Nadu Goods and Services Tax Act, 2017 - Construction Services - Services exempt from state tax - Amendments - Notification - Issued.X X X X Extracts X X X X X X X X Extracts X X X X ..... ecommendations of the Council, hereby makes the following further amendments to the Commercial Taxes and Registration Department Notification No. II(2)/CTR/532(d-15)/2017, published at pages 119 to 143 in Part II-Section 2 of the Tamil Nadu Government Gazette, Extraordinary, dated the 29 th June, 2017, namely:- AMENDMENTS 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 numb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or both, as is 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 TDR or FSI(including additional FSI) or both for construction of the residential apartments in the project but 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 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 0.5 per cent of the value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the residential apartments in the project Total carpet area of the residential and commercial apartments in the project). Nil Provided that the promoter shall be liable to pay tax at the applicable rate, on reverse charge basis, on such proportion of upfront amount (called as premium, salami, cost, price, development charges or by any other name) paid for long term lease of land, as is 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oter from the independent buyers nearest to the date on which such development rights or FSI is transferred to the promoter. 1B. Value of portion of residential or commercial apartments remaining un-booked on the date of issuance of completion certificate or first occupation, as the case may be, shall be deemed to be equal to the value of similar apartments charged by the promoter nearest to the date of issuance of completion certificate or first occupation, as the case may be. (iv) in paragraph 3 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 R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the project shall mean an apartment which meets all the following three conditions, namely- (a) part of supply of construction of the apartment service has time of supply on or before the said date; and (b) consideration equal to at least one instalment has been credited to the bank account of the registered person on or before the said date; and (c) an allotment letter or sale agreement or any other similar document evidencing booking of the apartment has been issued on or before the said date. (xiii) 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. . ..... X X X X Extracts X X X X X X X X Extracts X X X X
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