Amendments in Notification No. 12/2017 - UTGST Act

Central Government introduces amendments to Notification No. 12/2017 under the UTGST Act.

Amendments pertain to services related to transfer of development rights (TDR) or Floor Space Index (FSI) for construction of residential apartments by promoters.

New provisions exempt GST on such services, subject to certain conditions. Proportionate GST liability arises for unbooked residential apartments upon project completion.

Definitions provided for terms like "apartment," "promoter," and "project" align with Real Estate Act. Effective from April 1, 2019, ensuring clarity in taxation for real estate transactions.