Development-rights transfer and long-term land lease treatment under GST clarified, with project and promoter definitions specified. The notification amends the Uttar Pradesh GST notification to add services of transfer of development rights or additional FSI to a promoter for project construction and long term leases of land where consideration is an upfront amount and/or periodic rent for construction by a promoter; it also inserts definitions aligning apartment, promoter, project, real estate project and residential real estate project with the Real Estate (Regulation and Development) Act, 2016 and limits residential projects by commercial carpet area proportion.
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Development-rights transfer and long-term land lease treatment under GST clarified, with project and promoter definitions specified.
The notification amends the Uttar Pradesh GST notification to add services of transfer of development rights or additional FSI to a promoter for project construction and long term leases of land where consideration is an upfront amount and/or periodic rent for construction by a promoter; it also inserts definitions aligning apartment, promoter, project, real estate project and residential real estate project with the Real Estate (Regulation and Development) Act, 2016 and limits residential projects by commercial carpet area proportion.
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