20 November 2023
Property is a vacant plot of land leased out by GIDC on a 99 years leasehold term to the Vendor. The vendor has not utilised the plot, and wants to transfer his rights to a purchaser intending to set up a factory.
This is a resale - transaction for transfer of Leasehold rights of the Plot at GIDC; GIDC charges (a)Transfer fees+18% GST and (b) Non-Utlisation Penalty+18% GST, to the Vendor (reimbursed by Purchaser to Vendor). Can the Purchaser avail of ITC for the GST paid on both the charges ?
Request an URGENT response from a GST expert in this forum.
CAclubindia
