Seeks to amend notification No. 12/2017- Union Territory Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector. - 04/2019 - Union Territory GST (UTGST) Rate
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GST exemption for development rights and upfront lease grants pro rata relief for residential projects; reverse charge on unbooked units. Amendment provides GST exemption, effective 1 April 2019, for transfer of development rights (TDR)/FSI and upfront amounts for long term leases used by promoters for construction of residential apartments intended for sale. Exemption determined pro rata by carpet area (residential / total carpet area). Promoters must pay tax on the proportion attributable to un booked residential apartments on reverse charge, capped by specified percentage limits; liability arises on completion or first occupation. Valuation of transferred or un booked apartments is deemed equal to similar apartments priced by the promoter nearest the relevant date, and defined terms are inserted.
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 development rights and upfront lease grants pro rata relief for residential projects; reverse charge on unbooked units.
Amendment provides GST exemption, effective 1 April 2019, for transfer of development rights (TDR)/FSI and upfront amounts for long term leases used by promoters for construction of residential apartments intended for sale. Exemption determined pro rata by carpet area (residential / total carpet area). Promoters must pay tax on the proportion attributable to un booked residential apartments on reverse charge, capped by specified percentage limits; liability arises on completion or first occupation. Valuation of transferred or un booked apartments is deemed equal to similar apartments priced by the promoter nearest the relevant date, and defined terms are inserted.
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