Amendment to Notification No. 12/2017- State Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector

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....atisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following further amendments in the Government Notification of the Finance Department No. MGST-1017/C.R. 103(11) [Notification No.12/2017- State Tax (Rate)], dated the 29th June 2017, published in the Maharashtra Government Gazette, Part IV-B, Extra-ordinary No.182, dated the 29th June 2017, namely :- In the said notification, - (i) in the opening paragraph, for the word, brackets and figures "sub-section (1) of section 11" the word, brackets and figures ", sub-section (3) and sub-section (4) of section 9, sub-section (1) of section 11, sub-section (5) of section 15 and section 148," shall be substituted; (ii) in t....

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.... [GST payable on TDR or FSI (including additional FSI) or both for construction of the residential apartments in the project but for the exemption contained herein] x (carpet area of the residential apartments in the project which remain un- booked on the date of issuance of completion certificate or first occupation / Total carpet area of the residential apartments in the project) : Provided further that tax payable in terms of the first proviso hereinabove shall not exceed 0.5 per cent.of the value in case of affordable residential apartments and 2.5 per cent. of the value in case of residential apartments other than affordable residential apartments remaining un- booked on the date of issuance of completion certificate or first occ....

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.... or by any other name) paid for long term lease of land, as is attributable to the residential apartments, which remain un- booked on the date of issuance of completion certificate, or first occupation of the project, as the case may be, in the following manner - [GST payable on upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for long term lease of land for construction of the residential apartments in the projectbut for the exemption contained herein]  (carpet area of the residential apartments in the project which remain un- booked on the date of issuance of completion certificate or first occupation / Total carpet area of the residential apartments in the project) : ....

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...., as the case may be." (iv) in paragraph 3 relating to Explanation, after clause (iv), the following clause shall be inserted, namely: - "(v) The term "apartment" shall have the same meaning as assigned to it in clause (e) under section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2017). (vi) The term "affordable residential apartment" shall have the same meaning as assigned to it in the Notification No. MGST-1017/C.R. 103(10)/Taxation-1 [Notification No.11/2017-State Tax (Rate), dated the 29th June 2017, published in the Maharashtra Government Gazette, Part IV-B, Extra-ordinary No. 182, dated the 29th June 2017, as amended. (vii) The term "promoter" shall have the same meaning as assigned to it in clause (....