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of <h1>Punjab GST Act Section 148: Tax Liability for Promoters on Development Rights or FSI from April 1, 2019.</h1> The Government of Punjab, under section 148 of the Punjab Goods and Services Tax Act, 2017, notifies registered promoters who receive development rights or Floor Space Index (FSI) after April 1, 2019, for construction projects. This includes promoters receiving long-term land leases for residential apartment construction. The liability to pay State tax on the consideration paid in various forms arises upon the project's completion certificate issuance or first occupation, whichever is earlier. Tax on specified services is to be paid on a reverse charge basis as per previous notifications. This notification is effective from April 1, 2019.
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