Under the GST Provisions, whether activity relating to Sale/Transfer of leasehold Land and building and also to obtain permission for such sale would be taxable?
1. In the instant case the GST as applicable on the upfront called premium amount as a cost of land and building.
2. If answer Yes, then ITC will be eligible to buyer, may be further use against the supply of their manufactured products.
3. Applicability of Notification no- 12/2017 serial No-41 Heading 9972 One-time upfront amount (called as premium, Salami, Cost, price, development charges or by any other name) leviable in respect of the service, by way of granting long term (thirty Years, or more) lease of industrial plots, provided by the State Government Industrial Development Corporations or Undertakings to Industrial as GST Tax Nil. The plot was issued by the Noida authority on long terms deed for 99 years.