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<h1>GST exemption for development rights and long term lease: reverse charge applies for un booked residential units with capped liability.</h1> Amendment grants GST exemption for TDR/FSI transfers and upfront long term lease payments used for construction of residential apartments, with exemption allocated by carpet area based formulae. Promoters must pay tax on the proportion attributable to apartments remaining un booked on issuance of completion certificate or first occupation on reverse charge basis, subject to capped tax liabilities; liability arises on completion or first occupation. Deemed value rules equate TDR/FSI or un booked apartment values to promoter's nearest charged values, and definitions from the Real Estate (Regulation and Development) Act are incorporated.
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