The Central Board of Indirect Taxes and Customs, (CBIC) on July 15, 2024, issued Clarifications regarding the applicability of GST on certain services.
clarifications, related to the following issues are being issued through this circular:
•GST exemption on the outward supplies made by the Ministry of Railways (Indian Railways).
•GST exemption on the transactions between Special Purpose Vehicles (SPVs) and the Ministry of Railways (Indian Railways).
•Applicability of GST on the statutory collections made by the Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation and Development) Act, 2016.
•Applicability of GST on the incentive amount shared by the acquiring bank with other stakeholders in the digital payment ecosystem under the notified Incentive Scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions.
•GST liability on the reinsurance of specified general and life insurance schemes.
•GST liability on the reinsurance of insurance schemes for which total premium is paid by the Government.
•Applicability of GST on retrocession services.
•GST liability on certain accommodation services.
[Circular No. 228/22/2024-GST]
