https://www.taxtmi.com/caselaws?id=765914 An upfront lease premium for a long-term lease of land for a proposed commercial office complex did not satisfy the conditions of entry 41 of Notification No. 12/2017-Central Tax (Rate). Exemption required, among other things, use of the plot for industrial or financial business purposes and a lessor meeting the specified Government ownership condition. The proposed use was treated as commercial, not industrial, and the asserted financial activity was only internal corporate record-keeping, not financial services or financial business. Audit and administrative control were held insufficient to prove the required 20% or more Government ownership. The lease premium was therefore held taxable and not exempt. en-us Tue, 26 Nov 2024 00:00:00 +0530 Fri, 07 Nov 2025 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765914 An upfront lease premium for a long-term lease of land for a proposed commercial office complex did not satisfy the conditions of entry 41 of Notification No. 12/2017-Central Tax (Rate). Exemption required, among other things, use of the plot for industrial or financial business purposes and a lessor meeting the specified Government ownership condition. The proposed use was treated as commercial, not industrial, and the asserted financial activity was only internal corporate record-keeping, not financial services or financial business. Audit and administrative control were held insufficient to prove the required 20% or more Government ownership. The lease premium was therefore held taxable and not exempt. Case-Laws GST Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765914