9911796707
TMI BlogCERTAIN AMENDMENTS TO THE NOTIFICATION ISSUED IN G.O.MS.NO.588, REVENUE (CT.II) DEPARTMENT, DATED: 12.12.2017 RELATED TO SERVICES OF NIL RATE OF TAX.X X X X Extracts X X X X X X X X Extracts X X X X ..... isfied that it is necessary in the public interest so to do, on the recommendations of the Goods and Services Tax Council, hereby makes the following amendments to the notification issued In G-O.Ms. No. 588, Revenue (CT. Il) Department, Dated. 12.12.2017, namely :- 2. This notification shall be deemed to have come into force with effect on end from the 1st day of April, 2019. AMENDMENTS 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 numb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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% of the value in case of affordable residential apartments and 2.5% 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ributable 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 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 shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he following clause shall be inserted, namely: '(v) The term "apartment" shall have the same meaning as assigned to it in clause(e) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (Act No. 16 of 2016). (vi) The term "affordable residential apartment" shall have the same meaning as assigned to it in the notification in G.O. Ms. No. 259, Revenue (CT-Il) Dept. Dt. 29.06.2017, as subsequently amended. (vii) The term "promoter" shall have the same meaning as assigned to it in clause (zk) of section 2 of the Real Estate (Regulation and Development) Act, 2016 (Act No. 16 of 2016). (viii) The term "project" shall mean a real estate project or a residential real estate project. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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