Amendments in the Notification of the Government of Tripura, in the Finance Department, No. 12/2017-State Tax (Rate), dated the 29th June, 2017.

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....hereby makes the following further amendments in the notification of the Government of Tripura, in the Finance Department, No. 12/2017-State Tax (Rate), dated the 29^th June, 2017, published in the Tripura Gazette, Extraordinary Issue, vide number 233, 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 the Table. - (a) after serial number 41 and the entries relating thereto, the following serial numbers and entries shall be inserte....

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....apartments in the project which remain un- booked or un-sold 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% of the value in case of affordable residential apartments and 2.5% of the value in case of residential apartments other than affordable residential apartments remaining unsold 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 cas....

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....se may be, as per the following formula; - (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 project) but for the exemption contained herein) *(carpet area of the residential apartments in the project which remain unbooked or un-sold 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%of the value in case of affordable residential apartments and 2.5% of the value in case of residential apartments other than affordable residential apartm....

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....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. 11/2017-State Tax (Rate), published in the Tripura Gazette, Extraordinary Issue, dated 29^th June, 2017 vide GSR number 231 dated 29^th 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 Residetial Real Estate Project. (ix) the term "Real Estate Project (REP)" shall have the same meaning as assigned to it in clau....