9911796707
TMI BlogAmendments in the Notification of the Government of Sikkim, in the Department of Finance, Revenue & Expenditure, No.12/2017- State Tax (Rate), dated the 30th June, 2017.X X X X Extracts X X X X X X X X Extracts X X X X ..... to do, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of Sikkim, in the Department of Finance, Revenue Expenditure, No.12/2017- State Tax (Rate), dated the 30 th June, 2017, published in the Gazette of Sikkim, Extraordinary, vide number 291, dated the 6thJuly, 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 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... old 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 FSI(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 hereinabove shall not exceed 0.5% of the value in case of affordable residential apartments and 2.5% 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 ..... 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 long term lease of land for construction of the project) but for the exemption contained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l or commercial apartments remaining unsold 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. (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 and Development) Act, 2016. (vi) The term affordable residential apartment shall have the same meaning as assigned to it in the notification No. 11/2017-State Tax (Rate), dated ..... X X X X Extracts X X X X X X X X Extracts X X X X
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