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of <h1>Maharashtra Govt: Promoters Must Pay State Tax on Development Rights and FSI Under MGST Act, Section 148.</h1> The Maharashtra Government, under section 148 of the MGST Act, 2017, notifies certain registered promoters who receive development rights, Floor Space Index (FSI), or long-term land leases for construction projects after April 1, 2019. These promoters are liable to pay state tax on considerations related to construction services, development rights, or FSI, with tax obligations arising upon the project's completion certificate issuance or first occupation, whichever is earlier. The notification specifies terms like 'apartment,' 'promoter,' and 'project' as defined in the Real Estate (Regulation and Development) Act, 2016. The reverse charge mechanism applies, effective April 1, 2019.
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