Nil rate of GST on Taxable service provided by State Government Industrial Development Corporations

 

Taxable service provided by State Government Industrial Development Corporations is exempted paying from GST

 

Nil rate of GST on Taxable service provided by State Government Industrial Development CorporationsWhat is the concessional rate of GST on Taxable service provided by State Government Industrial Development Corporations by way of granting long term (thirty years, or more) lease of industrial plots from so much of tax leviable thereon, as is leviable on the onetime upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such lease?


As per GST Law 2017, there is no GST payable on Taxable service provided by State Government Industrial Development Corporations by way of granting long term (thirty years, or more) lease of industrial plots from so much of tax leviable thereon, as is leviable on the onetime upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such lease.
So the rate of GST payable on Taxable service provided by State Government Industrial Development Corporations by way of granting long term (thirty years, or more) lease of industrial plots from so much of tax leviable thereon, as is leviable on the onetime upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such leaseis nil rate.

 

The GST Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GST.

 

The above details about GST rate tariff on Taxable service provided by State Government Industrial Development Corporations by way of granting long term (thirty years, or more) lease of industrial plots from so much of tax leviable thereon, as is leviable on the onetime upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such leaseis only for information.

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Does Taxable service provided by State Government Industrial Development Corporations by way of granting long term (thirty years, or more) lease of industrial plots from so much of tax leviable thereon, as is leviable on the onetime upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such leasefall under GST exempted items?Should I need to pay GST on my service product Taxable service provided by State Government Industrial Development Corporations by way of granting long term (thirty years, or more) lease of industrial plots from so much of tax leviable thereon, as is leviable on the onetime upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such lease?

The validity of above information and amendments about GST rate on Taxable service provided by State Government Industrial Development Corporations by way of granting long term (thirty years, or more) lease of industrial plots from so much of tax leviable thereon, as is leviable on the onetime upfront amount (called as premium, salami, cost, price, development charges or by any other name) payable for such leasemay be verified before any business dealing


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