Notification No. 05/2019-Union Territory Tax (Rate) – Seeks to amend notification No. 13/2017- Union Territory Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector. Applicability of Reverse charge mechanism (RCM) to builders and develope rs in following three cases: If promoter (Builder/developer) fails to purchase at least 80% of the value of input and input services, from registered suppliers. On TDR or floor space index supplied on or after 01-04-2019 and GST on development rights shall arise on the date of completion or first occupation of the project, whichever is earlier. Differential tax arising on procurement of works contract services in relation to construction of affordable residential apartments, if 50% criteria mentioned therein is not met. ...
