GST- Goods And Service Tax
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The Government has clarified that the transfer of tenancy rights to a new tenant against consideration in the form of tenancy premium is taxable under GST. However, the grant of tenancy rights in a residential apartment for use as residence against tenancy premium is exempt from GST. It also clarified that the services provided by outgoing tenant by way of surrendering the tenancy rights against consideration in form of tenancy premium is also liable to GST.
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