State tax rate amendment reduces the prescribed figure and imposes conditions on long-term lease exemptions, including joint liability and contractual disclosure. Amendment to Notification No.12/2017 substitutes '50' with '20' in column (3) against serial number 41 and replaces column (5) with provisos making the long-term lease exemption conditional on use for allotted industrial or financial purposes, requiring State department monitoring, imposing joint and several liability on original and subsequent lessors/lessees/buyers for unpaid State Tax with interest and penalty upon violation or change of land use, and mandating express contractual disclosure of the exemption; effective 1 January 2020.
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State tax rate amendment reduces the prescribed figure and imposes conditions on long-term lease exemptions, including joint liability and contractual disclosure.
Amendment to Notification No.12/2017 substitutes "50" with "20" in column (3) against serial number 41 and replaces column (5) with provisos making the long-term lease exemption conditional on use for allotted industrial or financial purposes, requiring State department monitoring, imposing joint and several liability on original and subsequent lessors/lessees/buyers for unpaid State Tax with interest and penalty upon violation or change of land use, and mandating express contractual disclosure of the exemption; effective 1 January 2020.
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