The Central Government, in line with the Council's recommendations, amends the Integrated Goods and Services Tax Act, 2017.
Notification No. 4/2018- Integrated Tax (Rate) is revised to include an explanation regarding development rights.
The explanation clarifies that the provisions of this notification do not apply to development rights supplied on or after April 1, 2019.
This amendment, effective from October 1, 2019, aims to address tax implications related to development rights.
Issued by Ruchi Bisht, Under Secretary to the Government of India, the amendment ensures regulatory clarity in the taxation of development rights.
Stakeholders involved in the development rights sector should take note of this update for compliance purposes.
The amendment reflects the government's commitment to periodically review and refine GST regulations to align with evolving industry practices.