https://www.taxtmi.com/highlights?id=74908 Exemption from GST - upfront amount charged by the Applicant (as lease premium) for granting long-term lease of ninety years - The AAR concludes that long-term leases are not considered sales of land under GST, and hence, the upfront amount charged by NOIDA is within the scope of GST. - The AAR rules that the lease premium charged by NOIDA for granting long-term leases is exempt from GST under Entry No. 41 of Notification No. 12/2017-CT (Rate) if the lease is for an industrial plot or infrastructure development for financial business and fulfills specified conditions. en-us Wed, 14 Feb 2024 07:15:20 +0530 Wed, 14 Feb 2024 07:15:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74908 Exemption from GST - upfront amount charged by the Applicant (as lease premium) for granting long-term lease of ninety years - The AAR concludes that long-term leases are not considered sales of land under GST, and hence, the upfront amount charged by NOIDA is within the scope of GST. - The AAR rules that the lease premium charged by NOIDA for granting long-term leases is exempt from GST under Entry No. 41 of Notification No. 12/2017-CT (Rate) if the lease is for an industrial plot or infrastructure development for financial business and fulfills specified conditions. Highlights GST Wed, 14 Feb 2024 07:15:20 +0530 https://www.taxtmi.com/highlights?id=74908