Union Territory Tax Notifications (Rate)
UTGST Notification rate 05/2019
| Title | Seeks to amend notification No. 13/2017- UTGST (Rate) so as to specify services to be taxed under RCM as recommended by Goods and Services Tax Council for real estate sector. |
| Number | 05/2019 |
| Date | 29-03-2019 |
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1)In exercise of the powers conferred by sub-section (3) of section 7 of the
Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Central
Government, on the recommendations of the Council, hereby makes the following
further amendments in the notification of the Government of India, in the
Ministry of Finance (Department of Revenue), No.13/2017- Union Territory Tax
(Rate), dated the 28thJune, 2017, published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 704(E),
dated the 28thJune, 2017, namely:-
In the said notification, –
- (i) in the Table, after serial number 5A and the entries relating thereto,
the following serial number and entries shall be inserted, namely: –
| (1) | (2) | (3) | (4) |
|---|---|---|---|
| “5B | Services supplied by any person by way of transfer of development rights or Floor Space Index (FSI) (including additional FSI) for construction of a project by a promoter. |
Any person | Promoter |
| 5C | Long term lease of land (30 years or more) by any person against consideration in the form of upfront amount (called as premium, salami, cost, price, development charges or by any other name) and/or periodic rent for construction of a project by a promoter. |
Any person | Promoter.”; |
- (ii) in the Explanation, after clause (h), the following clauses shall be
inserted, namely: –
“(i) The term “apartment” shall have the same meaning as assigned to it in
clause (e)
under section 2 of the Real Estate (Regulation and Development) Act, 2016 (16
of 2017).(j) the term “promoter” shall have the same meaning as assigned to it in
clause (zk) under
section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of
2017).(k) the term “project” shall mean a Real Estate Project (REP) or a
Residential Real Estate
Project (RREP);(l) “the term “Real Estate Project (REP)” shall have the same meaning as
assigned to it in
in clause (zn) of section 2 of the Real Estate (Regulation and Development)
Act, 2016 (16 of 2016).(m) The term “Residential Real Estate Project (RREP)” shall mean a REP in
which the
carpet area of the commercial apartments is not more than 15 per cent. of the
total carpet area of all the apartments in the REP.(n) “floor space index (FSI)” shall mean the ratio of a building’s total
floor area (gross
floor area) to the size of the piece of land upon which it is built.”.
2) This notification shall come into force with effect from the 1 st of April,
2019.