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Question ID : 32766

Liquor license

An Assesses has leased out the liquor license (for Retail Trade) to another Party. As per terms of the contract, the lessee shall pay fixed amount monthly and also the annual fee payable for the license at the time of renewal. The lesser is entitled to take credit of TCS done on purchase made by lessee. There are three components 1. Monthly lease charges 2. TCS benefit 3. Annual license fee paid by the lessee I am of the opinion all the three will have to be offered to tax both for Income tax as well as GST. Please Confirm.

Posted by Ethirajan on Aug 09, 2018