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TMI BlogSeeks to amend Notification No. 38/1/2017-Fin(R&C) (12/2017-Rate), dated the 30th June, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... rdinary Official Gazette Series I No. 13, dated the 30th June, 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 shall be inserted, namely:- (1) (2) (3) (4) (5) 41A Heading 9972 Service by way of transf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ject 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 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 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... completion certificate, or first occupation of the project, as the case may be, in the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The term apartment shall have the same meaning as assigned to it in clause (e) under section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2017). (vi) The term affordable residential apartment shall have the same meaning as assigned to it in the Notification No. 38/1/2017-Fin(R C)(11/2017-Rate), dated 30th June, 2017, published in the Extraordinary Official Gazette No. 3, Series I No. 13, , dated 30th 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 (16 of 2017). (viii) The term project shall mean a Real Estate Project or a Residential Real Estate Project. (ix) the te ..... X X X X Extracts X X X X X X X X Extracts X X X X
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