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of <h1>India Amends GST Notification: Tax Exemptions for Industrial Lease Plots, Compliance Required from January 2020.</h1> The Government of India has amended Notification No. 12/2017-Union Territory Tax (Rate) to exempt certain services as recommended by the GST Council in its 38th meeting. Effective from January 1, 2020, the amendment involves changes in the table against serial number 41, reducing the figure '50' to '20' and stipulating conditions for leased plots to be used for industrial or financial activities. The State Government is responsible for monitoring compliance. In case of violations, involved parties are liable for Union Territory tax, interest, and penalties. Lease agreements must reflect these conditions.
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