Amendments in the Notification of the Government of Sikkim, in the Department of Finance, Revenue & Expenditure, No.12/2017- State Tax (Rate), dated the 30th June, 2017.

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....ments in the notification of the Government of Sikkim, in the Department of Finance, Revenue & Expenditure, No.12/2017- State Tax (Rate), dated the 30th June, 2017, published in the Gazette of Sikkim, Extraordinary, vide number 291, dated the 6thJuly, 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 relating thereto shall be inserted, namely: - ....

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....in 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 case may be, whichever is earlier. 41B Heading....

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....n 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 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 c....

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....ential apartment" shall have the same meaning as assigned to it in the notification No. 11/2017-State Tax (Rate), dated 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 mean a REP in which the carpet area of the commercial apartments is not more than 15% of the total carpet area of all the apartments in the REP; (xi) The term "carpet area" sha....