AAR: 18% GST payable under RCM on lease agreement entered with Rail Land Development Authority

Rajasthan AAR rules that leasing services in pursuance to agreement (lease of residential & commercial development) of 99 years executed between Rail Land development Authority (RLDA) and applicant (Lessee/Special Purpose Vehicle-SPV) is not exempted from GST; Applicant the successful bidder, incorporated as SPV in accordance with Letter of Acceptance (LoA) with RLDA, in addition to lease premium, deposited ‘annual lease rent’ to be revised 15% upwards every 3 years a...