Amendments in the Notification No. KA.NI.-2-843/XI-9(47)/17-U.P. Act-1-2017-order-(10)-2017 Dated 30th June, 2017.

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....section 11 of the Uttar Pradesh Goods and Services Tax Act, 2017 (U.P. Act no I of 2017), the Governor, on being satisfied 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 notification No. KA.NI.-2-843/XI-9(47)/17-U.P. Act-1-2017-order-(10)-2017 Dated 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 (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 entrie....

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.... but for the exemption contained herein) *(carpet area of the residential 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 herein above 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 d....

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....ate, or first occupation of the project, as the case 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 un-booked or unsold 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 herein above shall not exceed 0.5% of the value in case of affordable residential apartments and 2.5% of the value in case of residential ap....

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.... clause shall be inserted, namely: - "(v) The term "apartment" shall have the same meaning as assigned to it in Real Estate (Regulation and Development) Act, 2016. (vi) The term "affordable residential apartment" shall have the same meaning as assigned to it in the notification No. dated the 30th June, 2017. (vii) The term "promoter" shall have the same meaning as assigned to it in Real Estate (Regulation and Development) Act, 2016. (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 Real Estate (Regulation and Development) Act, 2016. (x) The term "residential real estate project (RREP)" shall m....