GST exemption on leasehold land transfer: Implications for industry, government, and the economy

In a significant relief to businesses and industrial players, the Gujarat High Court has recently exempted the assignment of leasehold rights in Gujarat Industrial Development Corporation (GIDC) plots from Goods and Services Tax (GST). The Court held that such transactions do not qualify as a “supply of services” under GST, thereby making them non-taxable.  The ruling has far-reaching implica…