Talk on GST & leasehold rights issue held

Nagpur: A discussion on the topic “GST on Transfer of Leasehold Rights” headed by CA Umesh Sharma, vice chairman of GST & Indirect Taxes Committee of ICAI, was held by the Taxation & Corporate Law Forum of Vidarbha Industries’ Association at Udyog Bhavan.
CA Ashok Chandak, CA Shailendra Jain, Suresh Rathi, president of VIA, members of the association and industrialists were present.
Sharma started his presentation by talking about the industrial entities’ issues. “While industries have their units set up on the leasehold land provided by the state industrial development corporation, they must pay an upfront premium,” he said.
They can also re-lease the same property to another entity. The taxability of such leasehold rights under GST has been a conundrum among various stakeholders.
Sharma will meet revenue secretary Sanjay Malhotra and impress upon him the role of the government in resolution of problems. Sharma said, “GST is a finicky thing, and its effect on the industries and MSMEs is huge. This issue is causing a lot of uncertainty in the business world.” tnn