Seeks to amend MGST Act so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector. - ERTS(T) 4/2019/197 - 05/2019-State Tax (Rate) - Meghalaya SGST
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Reverse charge mechanism: specified real estate supplies like transfer of development rights and long term leases taxed on recipient. The amendment subjects specified real estate supplies to the reverse charge mechanism: transfer of development rights or FSI (including additional FSI) and long term leases of land (30 years or more) provided for construction of a project by a promoter where consideration is upfront and/or periodic rent. It adds definitions aligning GST terms with the Real Estate (Regulation and Development) Act for apartment, promoter, project (REP/RREP), REP, RREP and defines floor space index (FSI). The notification takes effect from 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.
Reverse charge mechanism: specified real estate supplies like transfer of development rights and long term leases taxed on recipient.
The amendment subjects specified real estate supplies to the reverse charge mechanism: transfer of development rights or FSI (including additional FSI) and long term leases of land (30 years or more) provided for construction of a project by a promoter where consideration is upfront and/or periodic rent. It adds definitions aligning GST terms with the Real Estate (Regulation and Development) Act for apartment, promoter, project (REP/RREP), REP, RREP and defines floor space index (FSI). The notification takes effect from April 2019.
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