Seeks to amend notification No. 13/2017- Central Tax (Rate) 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 - 05/2019 - Central GST (CGST) Rate
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Reverse Charge Mechanism: certain real estate supplies to promoters made taxable, with related definitions and scope specified. Specifies that services supplied for construction by a promoter are subject to Reverse Charge Mechanism: transfer of development rights or Floor Space Index (including additional FSI) by any person to a promoter, and long-term lease of land (thirty years or more) by any person against upfront consideration and/or periodic rent for construction by a promoter; inserts definitions for apartment, promoter, project, Real Estate Project, Residential Real Estate Project and floor space index.
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.
Reverse Charge Mechanism: certain real estate supplies to promoters made taxable, with related definitions and scope specified.
Specifies that services supplied for construction by a promoter are subject to Reverse Charge Mechanism: transfer of development rights or Floor Space Index (including additional FSI) by any person to a promoter, and long-term lease of land (thirty years or more) by any person against upfront consideration and/or periodic rent for construction by a promoter; inserts definitions for apartment, promoter, project, Real Estate Project, Residential Real Estate Project and floor space index.
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