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of <h1>Gujarat Amends GST Notification 12/2017: New Rules for Long-Term Lease of Industrial or Financial Plots Effective 2020.</h1> The Government of Gujarat has amended Notification No. 12/2017-State Tax (Rate) concerning long-term lease agreements under the Gujarat Goods and Services Tax Act, 2017. Effective January 1, 2020, the amendment changes the figures in the notification and stipulates conditions for leased plots, requiring their use for industrial or financial activities. The government will monitor compliance, and any violation or change in land use will result in joint liability for State tax, interest, and penalties. Lease agreements must include terms acknowledging the State tax exemption subject to these conditions.
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