9911796707
TMI BlogAmendments in the Notification No. KA.NI.-2-843/XI-9(47)/17-U.P. Act-1-2017-order-(10)-2017 Dated 30th June, 2017.X X X X Extracts X X X X X X X X Extracts X X X X ..... y, 2019 In exercise of the powers conferred by sub-section (1) of section 11 of the Uttar Pradesh Goods and Services Tax Act, 2017 (U.P. Act no I of 2017), the Governor, on 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 notification No. KA.NI.-2-843/XI-9(47)/17-U.P. Act-1-2017-order-(10)-2017 Dated 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 sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional PSI), or both, as is attributable to the residential apartments, which remain unsold on the date of issuance of completion certificate, or first occupation of the project, as the case may be, as per the following formula; - (GST payable on TDR or PSI (including additional FSI) or both for construction of the residential apartments in the project but for the exemption contained herein) *(carpet area of the residential apartments in the project which remain un-booked or un-sold 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 herein above shall not exceed 0.5% of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in the project /Total carpet area 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 unsold on the date of issuance of completion certificate, or first occupation of the project, as the case may be, as per the following formula; - (GST payable on upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or FSI is transferred to the builder/developer. 1B. Value of portion of residential or commercial apartments remaining un-sold 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 builder/developer nearest to the date of issuance of completion certificate or first occupation, as the case may be. 3. This Order shall come into force with effect from the first day of April, 2019. (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 Real Estate (Regulation an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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