TaxTMI 
TaxTMI 
What will be the Rate of Tax under GST for Hiring of Machinery & Equipment without transfer of active possession (not lease) ? Renting of machinery where ever the active possession passed on from the person hiring to the person using the machinery on hire will be a LEASE transaction. So, in this case, it is not a lease.
Rate of Tax for Hiring of machinery
28 Oct 2017 
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Hiring of machinery classified as a service; leasing and renting treated equivalently under GST law.
Hiring of machinery and equipment is classified as a service under Service Accounting Code 9973; the issue is whether it attracts the generic Other Services rate or should be treated as lease/rental. An advisory response states there is no distinction between leasing and renting under Service Tax law or GST law. (AI Summary)
Hiring of machinery and equipment is classified as a service under Service Accounting Code 9973; the issue is whether it attracts the generic Other Services rate or should be treated as lease/rental. An advisory response states there is no distinction between leasing and renting under Service Tax law or GST law. (AI Summary)