Amendment to Union Territory Goods and Services Tax Act

Notification G.S.R (E) introduces amendments to the Union Territory Goods and Services Tax Act, 2017, pertaining to development rights. The Central Government, acting on Council recommendations, modifies Notification No. 4/2018- Union Territory Tax (Rate) dated January 25, 2018.

A new explanation is added clarifying that the notification does not apply to development rights supplied on or after April 1, 2019. Effective from October 1, 2019, this amendment aims to streamline regulations concerning the taxation of development rights.

Signed by Ruchi Bisht, Under Secretary to the Government of India, the amendment ensures clarity and consistency in tax policies related to development rights. Stakeholders involved in real estate and property development should take note of this amendment to comply with updated tax regulations.

The government's action reflects its commitment to refining tax laws to address industry-specific concerns and promote transparency. By exempting certain development rights from the purview of the notification, the government seeks to foster a conducive environment for real estate transactions.

This amendment underscores the importance of staying informed about changes in tax regulations to avoid potential compliance issues. Interested parties are advised to review the updated notification carefully to understand its implications and ensure compliance with the law.