Liability to pay state tax on development rights and FSI arises on completion certificate or first occupation. Designates promoters who receive development rights/FSI or long-term land lease for residential construction and who pay consideration in construction services or as upfront amounts as registered persons for state tax. The liability to pay state tax on consideration paid in construction services, monetary consideration for residential construction, upfront lease amounts, and construction services supplied for development rights/FSI arises on issuance of the project's completion certificate where required or on first occupation, whichever is earlier. Definitions from the Real Estate (Regulation and Development) Act, 2016 apply and the tax is payable under reverse charge mechanism.
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.
Liability to pay state tax on development rights and FSI arises on completion certificate or first occupation.
Designates promoters who receive development rights/FSI or long-term land lease for residential construction and who pay consideration in construction services or as upfront amounts as registered persons for state tax. The liability to pay state tax on consideration paid in construction services, monetary consideration for residential construction, upfront lease amounts, and construction services supplied for development rights/FSI arises on issuance of the project's completion certificate where required or on first occupation, whichever is earlier. Definitions from the Real Estate (Regulation and Development) Act, 2016 apply and the tax is payable under reverse charge mechanism.
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