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Section 119 - Special provision for retrospective exemption from service tax in certain cases relating to long term lease of plots for development of infrastructure for financial business.
Finance (No. 2) Act, 2019 Service tax
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Retrospective exemption from service tax: refunds for upfront premiums on long term leases for financial infrastructure. A retrospective exemption excludes service tax on upfront amounts labelled as premium, salami, cost, price, development charges or similar paid for granting long term leases (thirty years or more) of plots for development of infrastructure for financial business by State Government industrial development corporations, undertakings, or entities with majority public ownership, for leases in industrial or financial business areas during 1 October 2013 to 30 June 2017; collected tax is refundable subject to a six month claim period and retrospective application of the omitted service tax chapter for refund purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Retrospective exemption from service tax: refunds for upfront premiums on long term leases for financial infrastructure.</h1> A retrospective exemption excludes service tax on upfront amounts labelled as premium, salami, cost, price, development charges or similar paid for granting long term leases (thirty years or more) of plots for development of infrastructure for financial business by State Government industrial development corporations, undertakings, or entities with majority public ownership, for leases in industrial or financial business areas during 1 October 2013 to 30 June 2017; collected tax is refundable subject to a six month claim period and retrospective application of the omitted service tax chapter for refund purposes.
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