GST exemption on transfer of development rights/FSI limits tax to carpet area share, with reverse charge for unbooked units. Integrated GST exemption applies to transfer of development rights or FSI (including additional FSI) for construction of residential apartments intended for sale from 1 April 2019, computed as GST on TDR/FSI for the project multiplied by the ratio of carpet area of residential apartments to total carpet area of residential and commercial apartments. Promoters must pay tax on a reverse-charge basis for proportions attributable to residential apartments un-booked at completion or first occupation, subject to caps of 1% for affordable units and 5% for other units, with liability arising on completion or first occupation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
GST exemption on transfer of development rights/FSI limits tax to carpet area share, with reverse charge for unbooked units.
Integrated GST exemption applies to transfer of development rights or FSI (including additional FSI) for construction of residential apartments intended for sale from 1 April 2019, computed as GST on TDR/FSI for the project multiplied by the ratio of carpet area of residential apartments to total carpet area of residential and commercial apartments. Promoters must pay tax on a reverse-charge basis for proportions attributable to residential apartments un-booked at completion or first occupation, subject to caps of 1% for affordable units and 5% for other units, with liability arising on completion or first occupation.
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