Amendment in Integrated GST Rates for Leased Plots

The Central Government, under the Integrated Goods and Services Tax Act, makes amendments to Notification No. 9/2017- Integrated Tax (Rate) dated June 28, 2017.

Serial number 43 in the notification undergoes modification, reducing the integrated tax rate from 50% to 20% for leased plots. The revised entry in column (5) outlines conditions, requiring leased plots to be utilized for industrial or financial activities as allocated.

State governments are tasked with monitoring and enforcing usage conditions, with stringent penalties for violations or unauthorized land use changes.

The amendment, effective from January 1, 2020, aims to streamline tax rates and enhance compliance in plot leasing transactions.

Issued by Ruchi Bisht, Under Secretary to the Government of India. The change underscores the government's commitment to promoting industrial and financial activities while ensuring tax compliance.