Liability to pay state tax for promoters receiving development rights or FSI arises on completion certificate or first occupation. Notification under section 148 notifies promoters receiving development rights or FSI, or long term lease against upfront consideration, as the persons liable to pay State tax where consideration is in the form of construction service, monetary payment for FSI relatable to residential construction, upfront lease amounts, or construction service supplied against development rights, with the tax liability arising on issuance of the completion certificate or on first occupation, whichever is earlier.