Taxation of development rights and FSI transfers: supplies to promoters treated as taxable with defined project and promoter terms. The notification amends the State Tax (Rate) table to include services consisting of transfer of development rights or FSI (including additional FSI) and long term leases of land (30 years or more) where consideration is paid as an upfront amount and/or periodic rent for construction by a promoter. It also adds explanatory definitions aligning 'apartment', 'promoter', 'Real Estate Project (REP)' and 'Residential Real Estate Project (RREP)' to the Real Estate (Regulation and Development) Act and defines 'floor space index (FSI)' as the ratio of gross floor area to land area.
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Provisions expressly mentioned in the judgment/order text.
Taxation of development rights and FSI transfers: supplies to promoters treated as taxable with defined project and promoter terms.
The notification amends the State Tax (Rate) table to include services consisting of transfer of development rights or FSI (including additional FSI) and long term leases of land (30 years or more) where consideration is paid as an upfront amount and/or periodic rent for construction by a promoter. It also adds explanatory definitions aligning "apartment", "promoter", "Real Estate Project (REP)" and "Residential Real Estate Project (RREP)" to the Real Estate (Regulation and Development) Act and defines "floor space index (FSI)" as the ratio of gross floor area to land area.
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