GST exemption for development rights and FSI with reverse-charge tax for unbooked residential units. Grants exemption for services by way of transfer of development rights or FSI and upfront amounts for long term leases used for construction of residential apartments, calculated pro rata by (carpet area of residential apartments / total carpet area of residential and commercial apartments). Promoters must pay tax on the proportion attributable to apartments un booked by completion or first occupation, with liability arising on completion or first occupation. Deemed valuation rules for TDR/FSI and un booked apartments and definitions for apartment, promoter, project, RREP, carpet area and FSI are specified.
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 FSI with reverse-charge tax for unbooked residential units.
Grants exemption for services by way of transfer of development rights or FSI and upfront amounts for long term leases used for construction of residential apartments, calculated pro rata by (carpet area of residential apartments / total carpet area of residential and commercial apartments). Promoters must pay tax on the proportion attributable to apartments un booked by completion or first occupation, with liability arising on completion or first occupation. Deemed valuation rules for TDR/FSI and un booked apartments and definitions for apartment, promoter, project, RREP, carpet area and FSI are specified.
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