long term lease of immovable property

[DHARIWAL AND SREENIVAS]

whether gst is applicable on long term lease of immovable property where contract for lease was entered pre-gst amount received under pre-gst and term of lease continued under gst also

AI Summary

GST Applies to Long-Term Leases Initiated Pre-GST, Supplied During GST Regime; Sections 140 & 142 Discussed for Clarity. A discussion on the applicability of Goods and Services Tax (GST) on long-term leases of immovable property initiated before the GST regime. Participants debated whether GST applies when the lease contract and initial payments were made pre-GST but continued into the GST period. Responses indicated GST is applicable, as the service is considered supplied during the GST regime. References were made to sections 140 and 142 of the CGST Act, with clarifications on tax liabilities for services initiated pre-GST. The forum also discussed how to differentiate tax liabilities under the old service tax law and the current GST framework.