9911796707
TMI BlogSeeks to amend notification No. F.NO.FIN/REV3/GST/1/(Pt-1) “O”,30th June,2017X X X X Extracts X X X X X X X X Extracts X X X X ..... endments in the notification of the Government of Nagaland, Finance Department (Revenue Branch), F.NO.FIN/REV-3/GST/1/08 (Pt-1) O , dated the 30 th 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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 residential apartments other than affordable residential apartments remaining un- booked on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 project but for the exemption contained herein] x (carp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcial 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 Development) Act, 2016 (16 of 2017). (vi) The term affordable residential apartment shall have the same meaning as assigned to it in the noti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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