Page 139 - GSTL_13th August 2020_Vol 39_Part 2

2020 ] IN RE : HAZARI BAGH BUILDERS PVT. LTD. 225

Sl. Chapter, Description of Rate Condition
No. Section, Services (per
Heading, cent.)
Group or
Service
Code
(Tariff)
41B Heading Upfront amount Nil Provided that the pro-
9972 (called as premium, moter shall be liable to
salami, cost, price, pay tax at the applica-
development ble rate, on reverse
charges or by any charge basis, on such
other name) paya- proportion of upfront
ble in respect of amount (called as pre-
service by way of mium, salami, cost,
granting of long price, development
term lease of thirty charges or by any other
years, or more, on name) paid for long
or after 1-4-2019, for term lease of land, as is
construction of res- attributable to the resi-
idential apartments dential apartments,
by a promoter in a which remain un-
project, intended for booked on the date of
sale to a buyer, issuance of completion
wholly or partly, certificate, or first oc-
except where the cupation of the project,
entire consideration as the case may be, in
has been received the following manner -
after issuance of [GST payable on up-
completion certifi- front amount (called as
cate, where re- premium, salami, cost,
quired, by the com- price, development
petent authority or charges or by any other
after its first occu- name) payable for long
pation, whichever is term lease of land for
earlier. construction of the
The amount of GST residential apartments
exemption available in the project but for
for construction of the exemption con-
residential apart- tained herein] x (carpet
ments in the project area of the residential
under this notifica- apartments in the pro-
tion shall be calcu- ject which remain un-
lated as under : booked on the date of
[GST payable on issuance of completion
upfront amount certificate or first occu-
(called as premium, pation ÷ Total carpet
area of the residential
GST LAW TIMES  13th August 2020  139