https://www.taxtmi.com/schedules?id=10282 GST exemption covers upfront amounts for granting long term leases of thirty years or more for construction of residential apartments for sale; the exempt portion equals GST on the lease consideration multiplied by the ratio of residential carpet area to total project carpet area. If residential units remain un booked at completion or first occupation, the promoter pays tax on the attributable proportion of the upfront amount on a reverse charge basis, calculated by the ratio of un booked residential carpet area to total residential carpet area, with a cap of 1% for affordable units and 5% for other units; liability arises on completion or first occupation. en-us Mon, 15 Apr 2019 12:03:00 +0530 Mon, 15 Apr 2019 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/schedules?id=10282 GST exemption covers upfront amounts for granting long term leases of thirty years or more for construction of residential apartments for sale; the exempt portion equals GST on the lease consideration multiplied by the ratio of residential carpet area to total project carpet area. If residential units remain un booked at completion or first occupation, the promoter pays tax on the attributable proportion of the upfront amount on a reverse charge basis, calculated by the ratio of un booked residential carpet area to total residential carpet area, with a cap of 1% for affordable units and 5% for other units; liability arises on completion or first occupation. Schedules GST Mon, 15 Apr 2019 12:03:00 +0530 https://www.taxtmi.com/schedules?id=10282