GST On Transfer Of Development Rights And Long Term Leases: Recent Developments

Transfer of Development Rights Prior to the introduction of the GST regime, service tax was not levied on transfer of development rights as the same was excluded from the definition of "service" being transfer of 'title' in 'immovable property', by way of sale, gift or in any other manner. With the introduction of the GST regime, the new negative list contained in Schedule III of the Central Goods…