This notification specifies a special class of registered persons involved in exchange of development rights and construction services. It provides that the liability to pay IGST on such transactions shall arise at the time when possession or right in the constructed property is transferred through a conveyance deed or similar instrument. The notification addresses timing issues in real estate barter transactions.

Issued for earlier notification?
No — this is a special procedure notification issued under section 148 of the CGST Act read with IGST Act.