9911796707
TMI BlogAmendment in Notification No. SRO-GST-12 dated 08-07-2017X X X X Extracts X X X X X X X X Extracts X X X X ..... ly :- (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) (3) (4) (5) 41A Heading 9972 Service by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 residential apartments other than affordable residential apartments remaining unsold on the date of issuance of completion certificate or first occupation The liability to pay state tax on the said portion of the development rights or FSI, or both, calculated as above, shall arise on the date of completion or fir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st 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 SRO Notification No. SRO-GST-11 dated 08-07-2017 issued by Finance Department, Government of Jammu and Kashmir, as amended. (vii) The term promoter shall have the same meaning as assigned to it in clause (zk) under section 2 of the Real Estate (Regulation and Development) Act, 2016 (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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