Explain with reference to the provisions of the CGST Act, 2017 whether the following transaction of services provided by different persons shall be subject to levy of GST: (iii) XYZ Ltd. has made payment of ₹80,00,000 to

Transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration is deemed to be supply of service in terms of Para 5(f) of Schedule II of the CGST Act, 2017 and is leviable to GST under HSN 997337 in terms of Notification No. 11/2017-Central Tax (Rate) dated 28.6.2017. Hence, GST is payable on assignment of rights to use minerals in the State of Bihar by XYZ Ltd on the amount of ₹80,00,000.