Central Government introduces amendments to GST notification for real estate transactions.
New provisions cover transfer of development rights (TDR) and Floor Space Index (FSI) for residential apartment construction.
Exemption calculation for GST on TDR or FSI based on carpet area ratio.
Promoters liable to pay GST on un-booked residential apartments upon project completion.
Value of service by transfer of TDR or FSI deemed equivalent to similar apartments sold by promoter.
Definitions provided for terms like "apartment," "promoter," "project," and "Real Estate Project (REP)."
Effective from April 1, 2019, ensuring clarity and compliance in real estate taxation.
Pramod Kumar, Deputy Secretary to the Government of India, issues the notification.