TaxTMI 
TaxTMI 
Amendment in Notification No. 12/2017-State Tax (Rate), dated the 30th June, 2017
X X X X Extracts X X X X
X X X X Extracts X X X X
....tate Tax (Rate), dated the 30th June, 2017, published in the Gazette of Himachal Pradesh, vide number EXN-F(10)- 15/2017, dated the 30th 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 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 of transfer of development rights (herein refer TDR) or Floor Space Index (FSI) (....
X X X X Extracts X X X X
X X X X Extracts X X X X
....otal 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 unbooked on the date of issuance of completion certificate or first occupation. The liability to pay state 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. 41B Heading 9972 Upfront amount (called as premium, salami, cost, price, development ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 carpet 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-booked on the date of issuance of completion certificate or first occupatio....
X X X X Extracts X X X X
X X X X Extracts X X X X
....all have the same meaning as assigned to it in the notification No. 11/2017-State Tax (Rate) dated 30th June, 2017, published in the Gazette of Himachal Pradesh, vide number EXN-F(10)-15/2017 dated 30th June, 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 2017). (x) The term "Residential Real Estate Project (RREP)" sh....