Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector.

Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector. https://www.taxtmi.com/notifications?id=129179 Inserts two entries making supplies taxable under the Reverse Charge Mechanism: (i) transfer of development rights or FSI (including additional FSI) supplied for construction of a project by a promoter; and (ii) long term lease of land by any person for construction of a project by a promoter where consideration is upfront and/or periodic rent. Adds definitions for apartment, promoter, project, Real Estate Project, Residential Real Estate Project, and floor space index (FSI). Effective from 1 April 2019. en-us Fri, 29 Mar 2019 00:00:00 +0530 Mon, 01 Apr 2019 11:21:00 +0530 TaxTMI RSS Generator Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector. https://www.taxtmi.com/notifications?id=129179 Inserts two entries making supplies taxable under the Reverse Charge Mechanism: (i) transfer of development rights or FSI (including additional FSI) supplied for construction of a project by a promoter; and (ii) long term lease of land by any person for construction of a project by a promoter where consideration is upfront and/or periodic rent. Adds definitions for apartment, promoter, project, Real Estate Project, Residential Real Estate Project, and floor space index (FSI). Effective from 1 April 2019. Notifications GST Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/notifications?id=129179