Home Forum Goods and Services Tax - GST Month 7 2023 2023 (7) This
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ACQUISITION OF LAND & BUILDING. COMPENSATION. - Goods and Services Tax - GSTExtract Dear all Every one is aware that, the State Industrial Area Development Boards or any other such authorities acquire private land or building for the development of projects like Metro Rails, National Highways, Airports etc., and handover the acquired land/building to the developing agencies of the respective State Government and Union Government. Accordingly the owners of the land or the building are paid compensation as per the prevailing guidelines.It is also gathered that, many a times extra money is also paid over and above the standard compensation. In my understanding, the land or the building is essentially immovable property being specifically exempt from GST vide Entry No. 5 of Schedule III of the CGST Act . Query: Whether such extra money can be termed as an act of tolerance for the purpose of Section 7 readwith Para 5[e] of Schedule II of the CGST Act ? Is there any scope to bring that extra money under the GST net? Clarification by the experts is solicited.
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