Quick Summary
The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 08/2024 dated October 8, 2024, introducing crucial amendments to the Goods and Services Tax (GST) framework. This notification modifies the existing 12/2017-Central Tax (Rate) notification by adding several exemptions
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FAQ :
The new GST exemptions will come into effect from October 10, 2024.
Services incidental to electricity transmission and distribution, such as metering equipment rentals and testing services, are now exempt.
Yes, research and development services provided by government entities and educational institutions in connection with grants are now exempt, provided they are approved under specific Income Tax Act provisions.
Services provided by Central and State Educational Boards to schools, including affiliation services, have been added to the list of GST exemptions.
The term "National Council for Vocational Training" has been replaced with "National Council for Vocational Education and Training," broadening the scope of exempt vocational training services under the National Skill Development Programme.
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