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TMI BlogSeeks to amend notification No. 12/2017- Union Territory Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector.X X X X Extracts X X X X X X X X Extracts X X X X ..... ouncil, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.12/2017- Union Territory Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 703 (E), dated the 28th June, 2017, namely:- In the said notification, - (i) in the opening paragraph, for the word, brackets and figures sub-section (1) of section 8 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017) the word, brackets and figures , sub-section (3) and sub-section (4) of section 7 , sub-section (1) of section 8 , and clause (iv) and clause (xxvii) of section 21 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to pay tax at the applicable rate, on reverse charge basis, on such proportion of value of development rights, or FSI (including additional FSI), or both, as is attributable to the residential apartments, which remain un-booked on the date of issuance of completion certificate, or first occupation of the project, as the case may be, in the following manner [GST payable on TDR or FSI (including additional FSI) or both 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 proje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for long term lease of land for construction of the project] x (carpet area of the residential apartments in the project Total carpet area of the residential and commercial apartments in the project). Nil Provided that the promoter shall be liable to pay tax at the applicable rate, on reverse charge basis, on such proportion of upfront amount (called as premium, salami, cost, price, development charges or by any other name) paid for long term lease of land, as is attributable to the residential apartments, which remain un- booked on the date of issuance of completion certificate, or first occupation of the project, as the case may be, in the following manner - [GST payable on upfront amount (called as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... romoter from the independent buyers nearest to the date on which such development rights or FSI is transferred to the promoter. 1B. Value of portion of residential or commercial apartments remaining un-booked on the date of issuance of completion certificate or first occupation, as the case may be, shall be deemed to be equal to the value of similar apartments charged by the promoter nearest to the date of issuance of completion certificate or first occupation, as the case may be. (iv) in paragraph 3 relating to Explanation, after clause (iv), the following clause shall be inserted, namely: - (v) The term apartment shall have the same meaning as assigned to it in clause (e) under section 2 of the Real Estate (Regulation and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artment service has time of supply on or before the said date; and (b) consideration equal to at least one instalment has been credited to the bank account of the registered person on or before the said date; and (c) an allotment letter or sale agreement or any other similar document evidencing booking of the apartment has been issued on or before the said date. (xiii) floor space index (FSI) shall mean the ratio of a building s total floor area (gross floor area) to the size of the piece of land upon which it is built. . 2. This notification shall come into force with effect from the 1st day of April, 2019. [F. No.354/32/2019 -TRU] (Pramod Kumar) Deputy Secretary to the Government of India Note: - Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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