GST exemptions and valuation rules clarify treatment of grant-funded research, vehicle lease recoveries, bank fund transfers and co-lending.
Circulars
GST – States
Eligible government entities and notified institutions may support the GST exemption for grant-funded research and development with a certificate from their head distinguishing it from consultancy. Services imported without consideration by Indian establishments of foreign shipping companies from overseas related persons or establishments are exempt from 1 November 2026; GST payments for 1 July 2017 to 31 October 2026 are regularised on an as-is-where-is basis. Vehicle lessors' recoveries for registration, insurance and incidental costs form part of the composite lease supply and attract its GST rate. TRAI is not Government under GST law. Notional interest on loans or advances under banks' fund transfer pricing qualifies for the interest exemption. NBFC lending services to banks under co-lending arrangements are taxable at the value specified in the contract.
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