GST on lease of land
This query is : Resolved
04 December 2019
Gujarat Industrial Developement Corporation(GIDC)acquires private land from farmers or waste land /Gauchar from Gujarat Government and converts it into Industrial /commercial or Residential plots and allots for 99 Years lease. Commercial plots are allotted to highest bidder by open public auctions to generate maximum revenue by discovering market price for 99 years lease for commercial purposes. As Government or it’s subsidiaries can’t sale land , it gives for 99 years lease as a prudent practice. 99 years lease is however practically equivalent to sale due to long period/tenure. There is no GST on sale of freehold plots or land as it is immovable. Is GST applicable on allotment price for 99 Year land lease provided by GIDC?
04 December 2019
As per the current regulations, 18% GST is levied on any long term lease transactions
04 December 2019
sir is GST Applicable on the plot given on lease for residential purpose ?
04 December 2019
Not applicable.........
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