https://www.taxtmi.com/notifications?id=129184 Amendment provides GST exemption, effective 1 April 2019, for transfer of development rights (TDR)/FSI and upfront amounts for long term leases used by promoters for construction of residential apartments intended for sale. Exemption determined pro rata by carpet area (residential / total carpet area). Promoters must pay tax on the proportion attributable to un booked residential apartments on reverse charge, capped by specified percentage limits; liability arises on completion or first occupation. Valuation of transferred or un booked apartments is deemed equal to similar apartments priced by the promoter nearest the relevant date, and defined terms are inserted. en-us Fri, 29 Mar 2019 00:00:00 +0530 Mon, 01 Apr 2019 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=129184 Amendment provides GST exemption, effective 1 April 2019, for transfer of development rights (TDR)/FSI and upfront amounts for long term leases used by promoters for construction of residential apartments intended for sale. Exemption determined pro rata by carpet area (residential / total carpet area). Promoters must pay tax on the proportion attributable to un booked residential apartments on reverse charge, capped by specified percentage limits; liability arises on completion or first occupation. Valuation of transferred or un booked apartments is deemed equal to similar apartments priced by the promoter nearest the relevant date, and defined terms are inserted. Notifications GST Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/notifications?id=129184