To notify certain class of persons by exercising powers conferred under section 148 of Jammu and Kashmir Goods and Services Tax Act, 2017

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....he powers conferred by section 148 of the Jammu and Kashmir Goods and Services Tax Act, 2017 (Act No. V of 2017), the State Government on the recommendations of the Council, hereby notifies the following classes of registered persons, namely :- (i) a promoter who receives development rights or Floor Space Index (FSI) (including additional FSI) on or after 1st April, 2019 for construction of a pr....

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....sideration paid by him, for supply of development rights or FSI (inciuding additional FSI) relatable to construction of residential apartments in project ; (c) the upfront amount (called as premium, salami, cost, price, development charges or by any other name) paid by him for long term lease of land relatable to construction of residential apartments in the project ; and (d) the supply of con....

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....REP) ; (iv) the term "Real Estate Project (REP)" shall have the same meaning as assigned to it in in clause (zn) of section 2 of the Real Estate (Regulation and Development Act, 2016 (16 of 2016) ; (v) 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 per cent of the total carpet area of all the apartmen....