GST exemption for TDR/FSI and long term lease premiums with reverse charge on unbooked residential units and capped liability. Inserts exemptions for GST on TDR/FSI transfers and upfront long term lease payments when used for construction of residential apartments intended for sale, with exemption apportioned by residential carpet area. Promoters must pay tax on reverse charge for residential apartments remaining un booked at completion or first occupation, calculated by apportioning hypothetical GST and capped at specified percentages for affordable and non affordable apartments. Deeming rules fix values for transfers and un booked units and statutory definitions for apartment, promoter, project, carpet area and FSI are added. Effective 1 April 2019.
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 TDR/FSI and long term lease premiums with reverse charge on unbooked residential units and capped liability.
Inserts exemptions for GST on TDR/FSI transfers and upfront long term lease payments when used for construction of residential apartments intended for sale, with exemption apportioned by residential carpet area. Promoters must pay tax on reverse charge for residential apartments remaining un booked at completion or first occupation, calculated by apportioning hypothetical GST and capped at specified percentages for affordable and non affordable apartments. Deeming rules fix values for transfers and un booked units and statutory definitions for apartment, promoter, project, carpet area and FSI are added. Effective 1 April 2019.
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