Page 145 - GSTL_13th August 2020_Vol 39_Part 2

2020 ] IN RE : HAZARI BAGH BUILDERS PVT. LTD. 231
been received after um, salami, cost, price,
issuance of com- development charges or
pletion certificate, by any other name) pay-
where required, by able for long term lease of
the competent land for construction of
authority or after the residential apart-
its first occupation, ments in the project but
whichever is earli- for the exemption con-
er. tained herein] x (carpet
The amount of area of the residential
GST exemption apartments in the project
available for con- which remain un-booked
struction of resi- on the date of issuance of
dential apartments completion certificate or
in the project un- first occupation ÷ Total
der this notifica- carpet area of the residen-
tion shall be calcu- tial apartments in the
lated as under : project);
[GST payable on Provided further that the
upfront amount tax payable in terms of
(called as premi- the first proviso shall not
um, salami, cost, exceed 0.5 per cent. of the
price, develop- value in case of afforda-
ment charges or by ble residential apartments
any other name) and 2.5 per cent. of the
payable for long value in case of residen-
term lease of land tial apartments other than
for construction of affordable residential
the project] x (car- apartments remaining
pet area of the un-booked on the date of
residential apart- issuance of completion
ments in the pro- certificate or first occupa-
ject ÷ Total carpet tion.
area of the residen- The liability to pay cen-
tial and commer- tral tax on the said pro-
cial apartments in portion of upfront
the project). amount (called as premi-
um, salami, cost, price,
development charges or
by any other name) paid
for long term lease of
land, calculated as above,
shall arise on the date of
issue of completion certif-
icate or first occupation of
the project, as the case
may be.

We observe that amended Notification 4/2019-Central Tax (Rate),
dated 29-3-2019 of the principal Notification 12/2017-C.T. (R), dated
28-6-2017 is not applicable in the present case due to the following
reasons :-
GST LAW TIMES  13th August 2020  145