Notification on Tax Liability for Real Estate Promoters

Central Government issues notification under UTGST Act, 2017, for real estate promoters. Registered promoters receiving development rights or Floor Space Index (FSI) after April 1, 2019, are notified.

Liability for Union Territory tax arises on the issuance of completion certificate or project's first occupation. Applies to consideration paid for construction services or long-term land lease for residential projects.

Definitions provided for terms like "apartment," "promoter," and "project" as per Real Estate Act.

Tax on specified services to be paid under reverse charge basis as per relevant notification. Effective from April 1, 2019, streamlining tax procedures in real estate development.