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of <h1>Retrospective Service Tax Exemption on Long-Term Leases for Infrastructure Plots from 2013-2017 Under Section 119 of Finance Act</h1> Section 119 of the Finance (No. 2) Act, 2019 provides a retrospective exemption from service tax on upfront payments for long-term leases of 30 years or more for plots intended for infrastructure development in financial business areas. This exemption applies to leases provided by State Government Industrial Development Corporations or entities with at least 50% government ownership, covering the period from October 1, 2013, to June 30, 2017. Refunds for collected service tax are permitted if claimed within six months of the Finance Bill's presidential assent. The provisions apply retrospectively, maintaining the applicability of the relevant chapter for refunds.
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