GST rate amendments: new nil-rated exemptions for specified government, banking and rehabilitation services, and financial institution definition clarified. The notification inserts nil-rated entries exempting goods transport agency services to government entities registered solely for tax deduction purposes, banking services to Basic Savings Bank Deposit account holders under the national financial inclusion scheme, and rehabilitation services by recognised professionals at qualifying establishments; it also amends tariff heading references, omits a prior serial entry, adds banking companies to an existing entry, and defines financial institution consistent with the Reserve Bank Act; the amendments commence on the stated effective date.
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GST rate amendments: new nil-rated exemptions for specified government, banking and rehabilitation services, and financial institution definition clarified.
The notification inserts nil-rated entries exempting goods transport agency services to government entities registered solely for tax deduction purposes, banking services to Basic Savings Bank Deposit account holders under the national financial inclusion scheme, and rehabilitation services by recognised professionals at qualifying establishments; it also amends tariff heading references, omits a prior serial entry, adds banking companies to an existing entry, and defines financial institution consistent with the Reserve Bank Act; the amendments commence on the stated effective date.
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