Taxability of development rights and long-term land leases clarified, bringing such supplies under state GST for promoter-led projects. Inserts two taxable entries: supply of transfer of development rights or FSI to a promoter for construction of a project, and long term lease of land for construction of a project against upfront consideration and/or periodic rent. Adds definitions for apartment, promoter, project (REP or RREP), REP, RREP and floor space index (FSI), including a threshold rule distinguishing residential projects. Effective from the commencement date specified in the amendment.
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.
Taxability of development rights and long-term land leases clarified, bringing such supplies under state GST for promoter-led projects.
Inserts two taxable entries: supply of transfer of development rights or FSI to a promoter for construction of a project, and long term lease of land for construction of a project against upfront consideration and/or periodic rent. Adds definitions for apartment, promoter, project (REP or RREP), REP, RREP and floor space index (FSI), including a threshold rule distinguishing residential projects. Effective from the commencement date specified in the amendment.
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