Facts: Gujarat Chamber of Commerce and Industry challenged the applicability of GST on the assignment of leasehold rights for plots leased by GIDC for 99 years. Authorities issued notices post-GST implementation, demanding an 18% GST on these transactions, classifying them as services. Petitioners argued that these transactions involve immovable property and are exempt under the GST Act.
Decision: The court held that the assignment of leasehold rights does not qualify as a service under the GST Act but as a transfer of immovable property. Transactions involving immovable property are exempt from GST under Schedule III, and the assignment does not fall under taxable services. The GST notices were quashed as invalid, and the petitioners were granted relief.