GST exemption for transfer of development rights and lease premiums, with reverse charge tax for unbooked residential units. Amendments exempt from GST the proportion of value of TDR/FSI transfers and upfront long term lease premiums attributable to residential apartments in a project, calculated by the ratio of residential carpet area to total project carpet area, with promoters liable under reverse charge for proportions of such inputs attributable to apartments that remain un booked on completion or first occupation. Value for transfers and un booked apartments is deemed equal to similar apartments sold to independent buyers near the relevant date; definitions and effective date are provided.
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 transfer of development rights and lease premiums, with reverse charge tax for unbooked residential units.
Amendments exempt from GST the proportion of value of TDR/FSI transfers and upfront long term lease premiums attributable to residential apartments in a project, calculated by the ratio of residential carpet area to total project carpet area, with promoters liable under reverse charge for proportions of such inputs attributable to apartments that remain un booked on completion or first occupation. Value for transfers and un booked apartments is deemed equal to similar apartments sold to independent buyers near the relevant date; definitions and effective date are provided.
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