Levy of GST - leasing of tank containers taken form a supplier - ...

Leasing of Overseas Tank Containers Deemed a Service Under CGST Act; GST Applies Only if Purchase Option Used.

August 21, 2021

Case Laws GST AAR

Levy of GST - leasing of tank containers taken form a supplier - lessor located outside India and the tank containers do not reach India - Finance lease - The terms of the agreement clearly indicate that the property in goods passes to the applicant only when he exercises the option failing which the property has to be returned back to the lessor at a specific deposed indicated by him. Therefore during the period of lease the transaction remains a service and the moment the option to purchase the goods is exercised by the applicant it becomes the transaction of sale. Hence the transaction made by the applicant does not fall under Entry 1 (c) of Schedule II to the CGST Act. - Liable to GST - AAR

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Levy of GST - leasing of tank containers taken form a supplier - ...

Leasing of Overseas Tank Containers Deemed a Service Under CGST Act; GST Applies Only if Purchase Option Used.

August 21, 2021

Case Laws GST AAR

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