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of <h1>India exempts State Industrial Development Corporations from service tax on long-term industrial plot leases u/s 66B.</h1> The Government of India, through the Ministry of Finance, issued Notification No. 41/2016-Service Tax on September 22, 2016. This notification exempts State Government Industrial Development Corporations or Undertakings from service tax on the one-time upfront payment for granting long-term leases (thirty years or more) of industrial plots to industrial units. The exemption applies to the service tax levied on amounts referred to as premium, salami, cost, price, development charges, or any other name, under section 66B of the Finance Act, 1994.
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