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

Lease of land and buildings as supply of services; taxable value is transaction value or open market value under valuation rules.
Schedule II classifies leases of land and buildings as a supply of services. Taxable value is generally the transaction value where parties are unrelated and price is sole consideration; if not, determine assessable value by reference to open market value and the Valuation Rules (Rules 27 and 28). Terms of the agreement must be considered and compulsory inclusions under section 15(2) added to the invoice price to arrive at taxable value.