Seeks to provide special procedure with respect to payment of tax by registered person supplying service by way of construction against transfer of development right - SRO GST 32-(Rate) - Jammu and Kashmir SGST

Government of Jammu and Kashmir Finance Department Civil Secretariat, Jammu Notification Jammu, the 29th January, 2018 SRO.GST.32 (Rate)- In exercise of the 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 (a) registered persons who supply development rights to a developer, builder, construction company or any other registered person against consideration, wholly or partly, in the form of construction service of complex, building or civil structure; and (b) registered persons who supply construction service of complex, building or civil structure to supplier of development rights against consideration, wholly or partly, in the form of transfer of development rights,as the registered persons in whose case the liability to pay state tax on supply of the said services, on the consideration received in the form of construction service referred to in clause (a) above and in the form of development rights referred to in clause (b) above, shall arise at the time when the said developer, builder, construction company or any other registered person, as the case may be, transfers possession or the right in the constructed complex, building or civil structure, to the person supplying the development rights by entering into a conveyance deed or similar instrument (for example allotment letter). This notification shall deemed to have come into force w.e.f. 25th day of January, 2018. By order of the Government of Jammu and Kashmir. Sd/- (Navin K. Choudhary), IAS Principal Secretary to Government Finance Department