Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The AAR held that the applicant, a commercial entity engaged in constructing metro stations, does not qualify as a "Government Authority" under Paragraph-2(zf) of Notification No. 12/2017-CT (Rate) dated 28.06.2017, as amended. The applicant neither performs functions entrusted to a Municipality under Article 243W nor to a Panchayat under Article 243G of the Constitution, nor has any agreement with the local municipal corporation (BBMP) to carry out such functions. The constructed metro stations remain the exclusive property of the applicant and do not constitute public amenities vested in the local government. Consequently, the grant of concession under the MOU dated 04.06.2018 to the concessionaire is not eligible for GST exemption under the relevant exemption notification, as the fundamental criterion of being a "Government Authority" is not satisfied.
The AAR held that the applicant, a commercial entity engaged in constructing metro stations, does not qualify as a "Government Authority" under Paragraph-2(zf) of Notification No. 12/2017-CT (Rate) dated 28.06.2017, as amended. The applicant neither performs functions entrusted to a Municipality under Article 243W nor to a Panchayat under Article 243G of the Constitution, nor has any agreement with the local municipal corporation (BBMP) to carry out such functions. The constructed metro stations remain the exclusive property of the applicant and do not constitute public amenities vested in the local government. Consequently, the grant of concession under the MOU dated 04.06.2018 to the concessionaire is not eligible for GST exemption under the relevant exemption notification, as the fundamental criterion of being a "Government Authority" is not satisfied.
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