No GST on transfer of leasehold rights

The recent landmark case of Gujarat Chamber of Commerce and Industry and Ors v Union of India and Ors has eased real estate sector fears of goods and services tax (GST) being levied on assignments of leasehold rights. The Gujarat Industrial Development Corporation (GIDC) executed a lease in favour of the lessee that permitted the lessee to assign their leasehold rights in the land to a third party…