Notification on Reverse Charge Basis for Promoters

Central Government issues notification under UTGST Act, 2017, for reverse charge mechanism. Registered promoters to pay tax on goods or services received from unregistered suppliers.

Applicable to shortfall in minimum value of goods or services required for construction projects. Categories include goods like cement and capital goods specified for project construction.

Definitions provided for terms like "promoter" and "project" as per Real Estate Act. Effective from April 1, 2019, streamlining tax procedures in real estate development.

Aims to ensure compliance and tax payment on construction materials procured.