Leasehold Rights Transfer Constitutes Sale of Immovable Property, Not Service.

The High Court determined that the assignment, sale, or transfer of leasehold rights by a lessee to a third party for a lump-sum consideration qualifies as a transfer of "immovable property" rather than a supply of service under the GST Act. These leasehold rights include incorporeal ownership rights over land and buildings, thus constituting "immovable property." As a result, such transactions are not subject to GST under section 9(1) of the GST Act. .....

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