Legal — Supreme Court rules no GST on transfer of long-term industrial lease rights

The Supreme Court has ruled that Goods and Services Tax (GST) is not applicable on the one-time premium paid for the transfer of long-term leasehold rights in industrial plots. The court upheld a Gujarat High Court order in a case involving plots allotted by the Gujarat Industrial Development Corporation (GIDC). The ruling provides significant relief to industrial units that faced tax demands of 18% GST on such transactions, which are now affirmed as transfers of immovable property outside the GST ambit.