GST exemption for TDR/FSI and lease premiums: reversed tax on un-booked residential units with capped rates. The notification inserts entries providing a GST exemption for transfer of development rights (TDR)/FSI and for upfront amounts for long term leases used for construction of residential apartments, with the exemption apportioned by carpet area (residential / total carpet area). Promoters must pay tax on a reverse charge basis for the proportion attributable to residential apartments that remain un booked on issuance of completion certificate or first occupation, calculated by reference to un booked carpet area, subject to capped rates; the tax liability arises on completion or first occupation.
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 TDR/FSI and lease premiums: reversed tax on un-booked residential units with capped rates.
The notification inserts entries providing a GST exemption for transfer of development rights (TDR)/FSI and for upfront amounts for long term leases used for construction of residential apartments, with the exemption apportioned by carpet area (residential / total carpet area). Promoters must pay tax on a reverse charge basis for the proportion attributable to residential apartments that remain un booked on issuance of completion certificate or first occupation, calculated by reference to un booked carpet area, subject to capped rates; the tax liability arises on completion or first occupation.
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