Exemption to One time upfront amount by State Government Industrial Development Corporations or Undertakings to industrial units-Explanation
The CBIC vide Notification No. 12/2017- Central Tax (Rate) dated 28/06/2017 had exempted the intra-State supply of services of “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 units”
Now, the CBIC has issued another Notification No. 23/2018- Central Tax (Rate) dated 20th September, 2018 modified the said notification by inserting an Explanation which provides that as a condition of this exemption, the Central Government, State Government or Union territory must have 50 per cent. or more ownership in the entity directly or through an entity which is wholly owned by the Central Government, State Government or Union territory.
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