GST rate applicable on FSI and long term lease of land in construction field
Is GST rate applicable on Transfer of Development Rights(TDR) or FSI or long term lease of land used for construction of commercial apartment? What is the GST rate applicable on TDR or FSI in new projects? What is the rate of GST applicable on transfer of development rights, FSI and long term lease of land in construction of residential apartment?
Supply of TDR or FSI or long term lease of land used for the construction of residential apartments in a project that are booked before issue of completion certificate or first occupation is exempt. Supply of TDR or FSI or long term lease of land, on such value which is proportionate to construction of residential apartments that remain un-booked on the date of issue of completion certificate or first occupation, would attract GST at the rate of 18%, but the amount of tax shall be limited to1% or 5%of value of apartment depending upon whether the residential apartments for which such TDR or FSI is used, in the affordable residential apartment category or in other than affordable residential apartment.
TDR or FSI or long term lease of land used for construction of commercial apartments shall attract GST of 18%.
The above shall be applicable to supply of TDR or FSI or long term lease of land used in the new projects where new rate of 1% or 5% is applicable.
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