Services received by the Reserve Bank of India is exempted from paying GST
Any GST payable for Services received by the Reserve Bank of India from outside India in relation to management of foreign exchange reserves? Does Services received by the Reserve Bank of India from outside India in relation to management of foreign exchange reserves fall under GST exemption list? I am doing Services received by the Reserve Bank of India from outside India in relation to management of foreign exchange reserves. Should I need to pay GST?
As per GST Law 2017, there is no GST payable on Services received by the Reserve Bank of India from outside India in relation to management of foreign exchange reserves.
So the rate of GST payable on Services received by the Reserve Bank of India from outside India in relation to management of foreign exchange reserves is nil rate.
We already know that the GST slabs are pegged at 5%, 12%, 18% & 28%. under GST- 5 percent for essential goods, standard rate of 12 and 18 percent, high rate of 28 percent and peak rate of 28 percent plus cess for luxury items. The most essential goods and services attract nil rate of GST under Exempted Categories.
The above details about GST rate tariff on Services received by the Reserve Bank of India from outside India in relation to management of foreign exchange reserves is only for information.
The validity of above information and amendments about GST rate on Services received by the Reserve Bank of India from outside India in relation to management of foreign exchange reserves may be verified before any business dealing.
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