https://www.taxtmi.com/notifications?id=129230 The notification inserts provisions exempting GST on transfer of development rights or FSI and on upfront amounts for long term land leases used for construction of residential apartments, by allocating exemption pro rata based on carpet area of residential apartments in the project. Promoters must pay tax on the proportion attributable to apartments remaining un booked at completion or first occupation on a reverse charge basis, subject to capped liability; payment liability arises on completion or first occupation. Deeming rules for valuation of transfers and detailed definitions for apartment, promoter, project, carpet area and FSI are prescribed. en-us Sun, 31 Mar 2019 00:00:00 +0530 Tue, 02 Apr 2019 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=129230 The notification inserts provisions exempting GST on transfer of development rights or FSI and on upfront amounts for long term land leases used for construction of residential apartments, by allocating exemption pro rata based on carpet area of residential apartments in the project. Promoters must pay tax on the proportion attributable to apartments remaining un booked at completion or first occupation on a reverse charge basis, subject to capped liability; payment liability arises on completion or first occupation. Deeming rules for valuation of transfers and detailed definitions for apartment, promoter, project, carpet area and FSI are prescribed. Notifications GST - States Sun, 31 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/notifications?id=129230