Taxability of development rights and long-term land leases: services to promoters treated as taxable supplies for construction projects. Amendment adds taxable services: transfer of development rights or Floor Space Index (including additional FSI) supplied by any person for construction by a promoter; and long term lease of land (30 years or more) for construction by a promoter where consideration is upfront and/or periodic. It inserts definitions for apartment, promoter, project (REP or RREP), Real Estate Project (REP), Residential Real Estate Project (RREP) (commercial carpet not more than 15% of total carpet area), and floor space index (FSI) as the ratio of gross floor area to land area.
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Provisions expressly mentioned in the judgment/order text.
Taxability of development rights and long-term land leases: services to promoters treated as taxable supplies for construction projects.
Amendment adds taxable services: transfer of development rights or Floor Space Index (including additional FSI) supplied by any person for construction by a promoter; and long term lease of land (30 years or more) for construction by a promoter where consideration is upfront and/or periodic. It inserts definitions for apartment, promoter, project (REP or RREP), Real Estate Project (REP), Residential Real Estate Project (RREP) (commercial carpet not more than 15% of total carpet area), and floor space index (FSI) as the ratio of gross floor area to land area.
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