Seeks to amend MGST Act so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector.

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....llowing further amendments in the ERTS notification No. ERTS(T) 65/2017/12, dated the 29th June, 2017, published in the Gazette of Meghalaya, Extraordinary, Part II A, vide number 99, dated the 5th July, 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 the Table, - (a) after serial number 41 and the entries relating thereto, the following serial numbers and entries shall be inserted, namely: - (1) (2) (3) (4) (5) "41A Heading 9972 Service by way o....

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....oked 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 occupation The liability to pay central tax on the said portion of the development rights or FSI, or both, calculated as above, shall arise on the date of completion or first occupation of the project, as the case may be, whichever is earlier. ....

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....yable 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 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 area of the residential apartments in the project); Provided further that the tax payable in terms of the first proviso 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-book....

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....). (vi) The term "affordable residential apartment" shall have the same meaning as assigned to it in the notification No. ERTS(T) 65/2017/11, dated the 2901 June, 2017, published in the Gazette of Meghalaya Extraordinary, Part II A, vide number 98, dated 5th July, 2017, as amended. (vii) The term "promoter" shall have the same meaning as assigned to it in clause (zk) under section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2017). (viii) The term "project" shall mean a Real Estate Project or a Residential Real Estate Project. (ix) the term "Real Estate Project (REP)" shall have the same meaning as assigned to it in clause (zn) under section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of ....