GST exemption for development rights and long-term lease charges in residential apartment projects is expanded with reverse charge rules and valuation methods. Uttarakhand SGST exemption notification is amended to extend specified exemption and reverse charge treatment to transfer of development rights or FSI and to upfront lease amounts used for construction of residential apartments for sale, subject to completion-certificate or first-occupation conditions. The amendment also prescribes computation of exempt and taxable portions for un-booked apartments, caps reverse charge tax for affordable and non-affordable residential apartments, fixes the point of State tax liability, and inserts definitions governing apartments, promoters, projects, carpet area, booked apartments, and floor space index, with effect from 1 April 2019.
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 development rights and long-term lease charges in residential apartment projects is expanded with reverse charge rules and valuation methods.
Uttarakhand SGST exemption notification is amended to extend specified exemption and reverse charge treatment to transfer of development rights or FSI and to upfront lease amounts used for construction of residential apartments for sale, subject to completion-certificate or first-occupation conditions. The amendment also prescribes computation of exempt and taxable portions for un-booked apartments, caps reverse charge tax for affordable and non-affordable residential apartments, fixes the point of State tax liability, and inserts definitions governing apartments, promoters, projects, carpet area, booked apartments, and floor space index, with effect from 1 April 2019.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
