Tax liability on development rights and long term land leases arises on completion certificate or first occupation. Notification designates promoters who receive development rights or FSI, or long term land leases for residential construction, as liable for State tax on consideration comprising construction services, monetary consideration relatable to residential construction, upfront lease amounts and supply of construction service against development rights or FSI. The liability to pay State tax arises on issuance of the project completion certificate, where required, or on first occupation, whichever is earlier. Relevant terms borrow definitions from the Real Estate (Regulation and Development) Act, and the services are subject to reverse charge as per the cited finance notification.