Government ownership threshold clarified for exemption, allowing direct or via wholly owned entity control to qualify. An explanatory clause was inserted into the exemption notification to define the ownership test: an entity qualifies where the Central Government, State Government or Union Territory holds ownership directly, or indirectly through an entity that is wholly owned by the Central Government, State Government or Union Territory. The amendment clarifies the scope of the exemption and specifies its commencement in the notification.
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Government ownership threshold clarified for exemption, allowing direct or via wholly owned entity control to qualify.
An explanatory clause was inserted into the exemption notification to define the ownership test: an entity qualifies where the Central Government, State Government or Union Territory holds ownership directly, or indirectly through an entity that is wholly owned by the Central Government, State Government or Union Territory. The amendment clarifies the scope of the exemption and specifies its commencement in the notification.
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