Taxable service provided by State Government Undertakings to industrial units attracts no GST
Any GST payable for Taxable service provided by State Government Undertakings to industrial units 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 Undertakings to industrial units 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 Undertakings to industrial units 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.
Under GST, all goods and services transacted in India are classified under the HSN code system or SAC Code system. Goods are classified under HSN Code and services are classified under SAC Code. Based on the HSN or SAC code, GST rates have been fixed in five slabs, namely NIL, 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess.
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The validity of above information and amendments about GST rate on Taxable service provided by State Government Undertakings to industrial units 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.