Gujarat Amends Tax Notification to Clarify Exemption: 50% Government Ownership Required for Serial No. 41 Exemption.

Notification No. 23/2018-State Tax (Rate) issued by the Finance Department of Gujarat on September 20, 2018, amends Notification No. 12/2017-State Tax (Rate) by adding an explanation to clarify the exemption criteria under serial number 41. The explanation specifies that for the exemption to apply, the Central Government, State Government, or Union Territory must own 50% or more of the entity, either directly or through a wholly-owned entity. This clarification is issued under the powers granted by section 11 of the Gujarat Goods and Services Tax Act, 2017.

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