Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
HC ruled that assignment of leasehold rights for an industrial plot, involving transfer of land and constructed buildings to a third party for a lump-sum consideration, does not constitute a taxable supply under GST regulations. The court determined that Section 7(1)(a) of CGST Act, read with Clause 5(b) of Schedule II and Clause 5 of Schedule III, shall not apply to such transactions. Consequently, the transfer is exempt from CGST levy under Section 9 of the CGST Act. The judgment effectively clarifies the tax treatment of leasehold rights transfer in industrial land allocation scenarios, providing significant relief to lessees undertaking such property assignments.
HC ruled that assignment of leasehold rights for an industrial plot, involving transfer of land and constructed buildings to a third party for a lump-sum consideration, does not constitute a taxable supply under GST regulations. The court determined that Section 7(1)(a) of CGST Act, read with Clause 5(b) of Schedule II and Clause 5 of Schedule III, shall not apply to such transactions. Consequently, the transfer is exempt from CGST levy under Section 9 of the CGST Act. The judgment effectively clarifies the tax treatment of leasehold rights transfer in industrial land allocation scenarios, providing significant relief to lessees undertaking such property assignments.
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