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TMI BlogAmendments in the Notification No. 12/2017-State Tax(Rate)-F-10-43/2017/CT/V(80), dated the 28th June, 2017.X X X X Extracts X X X X X X X X Extracts X X X X ..... rest so to do, on the recommendations of the Council, hereby makes the following further amendments in the notification No. 12/2017-State Tax(Rate)-F-10-43/2017/CT/V(80), dated the 28 th June, 2017 of the state Government, Commercial Tax Department, published in the Gazette (Extraordinary) of Chhattisgarh, No. 252, dated the 29 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 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ain un- booked on the date of issuance of completion certificate, or first occupation of the project, as the ease 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 percent. of the value in ease of affordable residential apartments and 2.5 per c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rea 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 premium, salami, cost, price, development charges or by any other name) payable for long term lease of land for constru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 ease 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 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 1 st day of April. 2019. By order and in the name of the Governor of Chhattisgarh, REENA BABASAHEB KANGALE, Secretary. - Notification Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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