Schedule II of CGST Act Land and Building

[KUMAR Narasimhan]

2. Land and Building

(a) any lease, tenancy, easement, licence to occupy land is a supply of services;

(b) any lease or letting out of the building including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services.

How to determine the Taxable value if in case of Leasing the property. Please clarify me in this regard sir

AI Summary

Exploring GST Taxable Value for Leasing Property: Key Insights on Schedule II, Rules 27 & 28, and Section 15(2). A discussion on the Goods and Services Tax (GST) concerning the leasing of land and buildings, specifically under Schedule II of the CGST Act, addressed how to determine the taxable value for leasing property. Participants highlighted the importance of using open market value and referring to Rules 27 and 28 of the CGST Rules, 2017. It was noted that if there is an agreed consideration between unrelated parties, that value should be used. If parties are related or no consideration is agreed upon, the valuation rules apply. Additionally, the importance of including expenses under Section 15(2) of the CGST Act in the taxable value was emphasized.