9911796707
TMI BlogAmendment to Notification No. 12/2017- State Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sectorX X X X Extracts X X X X X X X X Extracts X X X X ..... n being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following further amendments in the Government Notification of the Finance Department No. MGST-1017/C.R. 103(11) [Notification No.12/2017- State Tax (Rate)], dated the 29th June 2017, published in the Maharashtra Government Gazette, Part IV-B, Extra-ordinary No.182, dated the 29th 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; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 projectbut for the exemption contained herein] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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. MGST-1017/C.R. 103(10)/Taxation-1 [Notification No.11/2017-State Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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. By order and in the name of the Governor of Maharashtra, J. V. DIPTE, Deputy Secretary to Government. Note.- The principal Notification No. MGST-1017/C.R.103(11)/Taxation-1[Notification No.12/2017- State Tax (Rate)], dated the 29th June, 2017, published in the Maharashtra Government Gazette, Part IV-B, Extra-ordinary No. 182, dated ..... X X X X Extracts X X X X X X X X Extracts X X X X
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