Seeks to amend notification No. 12/2017- Central Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector. - 04/2019 - Central GST (CGST) Rate
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GST exemption for transfer of development rights and FSI reduces taxable inputs for residential projects, with reverse charge on unbooked units. Amendment exempts GST on transfer of development rights (TDR)/FSI and on upfront amounts for long term land leases when used for construction of residential apartments for sale, with the exemptible amount apportionable by carpet area ratio. Promoters must discharge reverse charge tax on the proportion attributable to residential apartments that remain un booked at completion or first occupation, calculated by prescribed formulas and subject to caps for affordable and other apartments. Valuation rules deem TDR/FSI and un booked apartments equal to comparable apartment prices nearest the relevant date, and statutory definitions align with the Real Estate (Regulation and Development) Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
GST exemption for transfer of development rights and FSI reduces taxable inputs for residential projects, with reverse charge on unbooked units.
Amendment exempts GST on transfer of development rights (TDR)/FSI and on upfront amounts for long term land leases when used for construction of residential apartments for sale, with the exemptible amount apportionable by carpet area ratio. Promoters must discharge reverse charge tax on the proportion attributable to residential apartments that remain un booked at completion or first occupation, calculated by prescribed formulas and subject to caps for affordable and other apartments. Valuation rules deem TDR/FSI and un booked apartments equal to comparable apartment prices nearest the relevant date, and statutory definitions align with the Real Estate (Regulation and Development) Act.
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