Tax exemption amendments expand government-recipient nil-rated supplies and add IFSC intermediary and insurance-related nil-rated services. Amendments to Notification No.12/2017-State Tax (Rate) add 'Government Entity' to eligibility language and create a nil-rated entry for composite supplies (Chapter 99) where goods are not more than 25% of value, provided to government recipients in relation to Panchayat and Municipality functions; introduce temporary nil-rated transport services for export of goods by air and vessel; expand and clarify nil-rated services including insurance, reinsurance, IFSC intermediary services in foreign currencies, fumigation of agricultural warehouses, student transport to certain educational institutions, and additions to educational service exemptions with specified carve-outs.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption amendments expand government-recipient nil-rated supplies and add IFSC intermediary and insurance-related nil-rated services.
Amendments to Notification No.12/2017-State Tax (Rate) add "Government Entity" to eligibility language and create a nil-rated entry for composite supplies (Chapter 99) where goods are not more than 25% of value, provided to government recipients in relation to Panchayat and Municipality functions; introduce temporary nil-rated transport services for export of goods by air and vessel; expand and clarify nil-rated services including insurance, reinsurance, IFSC intermediary services in foreign currencies, fumigation of agricultural warehouses, student transport to certain educational institutions, and additions to educational service exemptions with specified carve-outs.
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