The Supreme Court ruled that leasing residential properties for student and professional hostels is exempt from GST, confirming the Karnataka High Court’s earlier decision. This judgment clarifies that the GST exemption applies to renting for residential use, not tenant type.
The Finance Ministry plans to replace the outdated Central Excise Act with a modern Central Excise Bill in an effort to streamline taxation and business processes. The new bill aims to enhance ease of doing business and eliminate obsolete provisions, with a focus on goods not covered under the Goods and Services Tax. The ministry is seeking feedback on the draft bill until June 26th.
