This notification specifies the class of registered persons (promoters) and prescribes the time of supply for services involving development rights, FSI, and long-term lease of land. The tax liability is deferred to the date of issuance of completion certificate or first occupation of the project. The notification provides certainty and uniformity in taxation of real estate transactions.

Issued for earlier notification?
Yes — issued in pursuance of sections 20 and 148 of the CGST Act read with the IGST Act.