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of <h1>West Bengal GST Act Section 148: Promoters with FSI or land leases face tax on project completion or first occupation.</h1> The Government of West Bengal, under section 148 of the West Bengal Goods and Services Tax Act, 2017, notifies that certain registered persons, specifically promoters receiving development rights or Floor Space Index (FSI) and long-term land leases for construction projects post-April 1, 2019, will incur tax liability. This liability arises on the issuance of a project's completion certificate or its first occupation, whichever occurs first. The notification clarifies terms like 'apartment,' 'promoter,' 'project,' and 'floor space index' as per the Real Estate (Regulation and Development) Act, 2016. The tax is payable on a reverse charge basis, effective April 1, 2019.
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