9911796707
TMI BlogAmendment in Notification No. SRO-GST-12 dated 08-07-2017X X X X Extracts X X X X X X X X Extracts X X X X ..... ets 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 Heading 9972 Service by way of transfer of development rights or FSI (including additional FSI) on or after 1st April 2019 for construction of residential apartments by a promoter in a project, intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial apartments other than affordable residential apartments remaining unsold 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 of completion or first occupation of the project, as the case may be, whichever is earlier. 41B Heading 9972 Upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable in respect of service by way of granting of long term lease of thirty years, or more, on or after 01.04.2019, for construction of residential apartments by a promoter in a project, intended for sale to a buyer, wholly or partly, except where the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st 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%of the value in case of affordable residential apartments and 2.5% of the value in case of residential apartments other than affordable residential apartments remaining unsold on the date of issuance of completion certificate or first occupation. The liability to pay state tax on the said proportion of upfront amount (called as premium, salami, cost, price, development charges or by any other name) paid for long term lease of land, calculated as above, shall arise on the date of issue of completion certificate or first occupation of the project, as the case may be. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egulation and Development) Act, 2016 (16 of 2017) ; (viii) The term "project" shall mean a Real Estate Project or a Residential Real Estate Project ; (ix) the term "Real Estate Project (REP)" shall have the same meaning as assigned to it in clause (zn) under section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2017). (x) 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 ; (xi) The term "carpet area" shall have the same meaning as assigned to it clause (k) under section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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