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of <h1>Tribunal Rules Floating Vessels as Immovable Property, Potentially Exempt from GST Under State Jurisdiction.</h1> The tribunal in the case between the Commissioner of Central Excise and Service Tax, Mumbai, and The Shipping Corporation of India Ltd. determined that floating vessels or ships are not considered goods but rather immovable property. This classification has significant implications for taxation, particularly concerning the applicability of GST. Since GST applies only to the supply of goods and services, and immovable property is under state jurisdiction, the sale or supply of floating vessels may not attract GST. This decision, however, may be subject to further scrutiny by higher courts in the future.
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