GST exemption for transfer of development rights and FSI with reverse charge on unsold residential units and valuation rules. The amendment inserts tariff entries treating transfer of development rights/FSI and upfront long term lease amounts for residential projects as eligible for a prorated GST exemption based on carpet area ratios; it imposes reverse charge on promoters for portions attributable to residential apartments remaining unsold at completion or first occupation, subject to differentiated caps, prescribes deemed valuation rules equating transfer value to developer sale value nearest the relevant date, and adopts defined terms from the Real Estate (Regulation and Development) Act.
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 FSI with reverse charge on unsold residential units and valuation rules.
The amendment inserts tariff entries treating transfer of development rights/FSI and upfront long term lease amounts for residential projects as eligible for a prorated GST exemption based on carpet area ratios; it imposes reverse charge on promoters for portions attributable to residential apartments remaining unsold at completion or first occupation, subject to differentiated caps, prescribes deemed valuation rules equating transfer value to developer sale value nearest the relevant date, and adopts defined terms from the Real Estate (Regulation and Development) Act.
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