Real estate GST amendment expands tax entries for development rights, FSI, and long-term land leases for promoter-led projects. Amends the Assam State tax rate notification by inserting entries for services supplied by transfer of development rights or Floor Space Index, including additional FSI, and for long-term lease of land of 30 years or more, where the land is used for construction of a project by a promoter. It also inserts definitions of apartment, promoter, project, Real Estate Project, Residential Real Estate Project, and floor space index, and gives the notification effect from 1 April 2019.
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Real estate GST amendment expands tax entries for development rights, FSI, and long-term land leases for promoter-led projects.
Amends the Assam State tax rate notification by inserting entries for services supplied by transfer of development rights or Floor Space Index, including additional FSI, and for long-term lease of land of 30 years or more, where the land is used for construction of a project by a promoter. It also inserts definitions of apartment, promoter, project, Real Estate Project, Residential Real Estate Project, and floor space index, and gives the notification effect from 1 April 2019.
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