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of <h1>Finance Ministry Clarifies GST Exemptions for Railways, Real Estate, RuPay, and Accommodation Services in New Circular.</h1> The circular issued by the Ministry of Finance on 15th July 2024 provides clarifications on the applicability of GST for various services. It exempts GST on services provided by the Ministry of Railways to the public and between its divisions, and on transactions between Special Purpose Vehicles and the Ministry. It clarifies that statutory collections by the Real Estate Regulatory Authority are not taxable. Incentives shared by banks under the RuPay and BHIM-UPI schemes are deemed subsidies and not taxable. GST liabilities on reinsurance of certain insurance schemes and retrocession services are regularized. Accommodation services below a certain value are exempt if provided for a continuous period.
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