The Supreme Court is set to determine if the assignment of leasehold rights is a taxable supply of service under the Goods and Services Tax (GST) or a non-taxable transfer of land. This action stems from the Centre challenging a Gujarat High Court judgment that sided with M/s Life Sciences Chemicals, which successfully argued that the transfer was a sale of land, excluded from GST, and was part of a business reorganization. The Supreme Court has tagged this appeal with a similar, already-pending matter to resolve the definitive classification of such transactions under GST law.
Source: a2ztaxcorp.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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