Amendment in Notification No. 19873-FIN-CT1-TAX-0022/2017, dated the 29th June,2017 - 11250 – FIN-CT1-TAX-0043/2017/FIN - S.R.O. No.123/2019 - Orissa SGST

GST exemption for TDR and FSI transfers allows project-level relief while imposing reverse charge on unbooked residential units.

The notification amends State GST rules to exempt GST on transfer of development rights (TDR)/FSI and on upfront lease premiums used for construction of residential apartments, with the exemption apportioned by carpet area. Promoters must pay tax on a reverse charge basis for proportions attributable to un-booked residential apartments on completion certificate issuance or first occupation, subject to prescribed caps. Deemed valuation rules equate consideration for TDR/FSI or un-booked apartments to comparable apartment values charged by the promoter near the relevant dates, and defined terms from real estate law are incorporated.