Tax liability on development rights and construction consideration arises on completion or first occupation of the project. Promoters receiving development rights or FSI, or taking long term land lease with upfront consideration for residential construction on or after 1 April 2019, are the registered persons liable to pay State tax where consideration is in the form of construction services or monetary/upfront payments. The tax liability arises on the earlier of issuance of the project completion certificate or first occupation. Defined terms reference the Real Estate (Regulation and Development) Act, 2016, and covered services are subject to reverse charge as per prior Odisha Finance Department notifications.
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.
Tax liability on development rights and construction consideration arises on completion or first occupation of the project.
Promoters receiving development rights or FSI, or taking long term land lease with upfront consideration for residential construction on or after 1 April 2019, are the registered persons liable to pay State tax where consideration is in the form of construction services or monetary/upfront payments. The tax liability arises on the earlier of issuance of the project completion certificate or first occupation. Defined terms reference the Real Estate (Regulation and Development) Act, 2016, and covered services are subject to reverse charge as per prior Odisha Finance Department notifications.
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