CBIC notifies exemption on upfront amount for industrial-plot lease pursuant to Council's announcement

Jan 01,2020

CBIC amends Notification No. 12/2017- CT (Rate) dated June 28, 2017 to give effect to GST Council's proposal, exempts upfront amount payable for long term lease of industrial/ financial infrastructure plots by an entity having 20% or more ownership of Central or State Govt. w.e.f. January 01, 2020; Lays down conditions viz. (i) leased plots allotted to be utilised for industrial or financial activity in an industrial or financial business area (ii) in case of any violati...

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