GST exemption for development rights and FSI; promoters liable under reverse charge for unbooked apartments at prescribed caps. Amendments create a GST exemption for TDR/FSI transfers and upfront long term lease payments used for construction of residential apartments intended for sale, with exemption apportioned by residential carpet area; promoters must pay tax on un booked apartments on reverse charge at completion or first occupation, subject to specified caps. Deemed valuation rules equate in kind consideration and un booked apartment values to the promoter's prevailing prices for similar apartments near the relevant date. Defined terms align with the Real Estate regulatory definitions and conditions for a booked apartment are prescribed.
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Provisions expressly mentioned in the judgment/order text.
GST exemption for development rights and FSI; promoters liable under reverse charge for unbooked apartments at prescribed caps.
Amendments create a GST exemption for TDR/FSI transfers and upfront long term lease payments used for construction of residential apartments intended for sale, with exemption apportioned by residential carpet area; promoters must pay tax on un booked apartments on reverse charge at completion or first occupation, subject to specified caps. Deemed valuation rules equate in kind consideration and un booked apartment values to the promoter's prevailing prices for similar apartments near the relevant date. Defined terms align with the Real Estate regulatory definitions and conditions for a booked apartment are prescribed.
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