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of <h1>Amendment to Bihar GST Act Alters Tax Calculations for TDR and FSI in Residential Projects Effective April 1, 2019.</h1> The notification amends the earlier Notification No. 12/2017 regarding state tax rates under the Bihar Goods and Services Tax Act, 2017. Effective from April 1, 2019, it introduces changes to tax calculations related to the transfer of development rights (TDR) and floor space index (FSI) for residential projects. The amendments specify conditions for GST exemptions and tax liabilities for promoters based on un-booked residential apartments at project completion. It also defines terms such as 'affordable residential apartment,' 'promoter,' and 'project' in accordance with the Real Estate (Regulation and Development) Act, 2016. The notification mandates tax responsibilities on a reverse charge basis under specified conditions.
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