Amendment in Notification G. O. (P) No. 73/2017/TAXES, dated 30th June, 2017

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....th June, 2017 and published as S. R. O. No. 371/2017 in the Kerala Gazette Extraordinary No. 1361 dated 30th June, 2017, namely:- In the said notification,- (i) in the opening paragraph, for the words, brackets, symbol and figures "sub-section (1) of section 11" the words, brackets, symbol 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 inserted, namely:- (1) (2) (3) (4) (5) "41A Heading 9972 Service by way of transfer of development rights (herein re....

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....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 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 occupation The liability to pay central 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 H....

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....he following manner - [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 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 t....

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....as assigned to it in clause (e) under section 2 of the Real Estate (Regulation and Development) Act, 2016 (Central Act 16 of 2017); (vi) The term "affordable residential apartment" shall have the same meaning as assigned to it in the notification issued under G. O. (P) No. 72/2017/TAXES, dated the 30th June, 2017 and published as S. R. O. No. 370/2017 in the Kerala Gazette Extraordinary No. 1360 dated 30^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 (Central Act 16 of 2017); (viii) The term "project" shall mean a Real Estate Project or a Residential Real Estate Project; ....