GST exemption omission for services by central bank alters tax treatment and notes state-guarantee clarification. Exemption from GST for services by the Reserve Bank of India was omitted by Notification No. 4/2022-Integrated Tax (Rate) effective 18.7.2022; the prior entry had defined Reserve Bank of India under the Reserve Bank of India Act, 1934. A clarification notes GST treatment for State government services to undertakings or PSUs when guaranteeing loans, as addressed in an administrative circular.
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GST exemption omission for services by central bank alters tax treatment and notes state-guarantee clarification.
Exemption from GST for services by the Reserve Bank of India was omitted by Notification No. 4/2022-Integrated Tax (Rate) effective 18.7.2022; the prior entry had defined Reserve Bank of India under the Reserve Bank of India Act, 1934. A clarification notes GST treatment for State government services to undertakings or PSUs when guaranteeing loans, as addressed in an administrative circular.
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