The Central Government vide Notification No. 02/2014-ST dated January 30, 2014 (the Notification) has substituted the definition of ‘Governmental Authority’ to expand the scope of exemption to an authority or a board or any other body either set up by an Act of Parliament or a State Legislature or established by Government, with 90 percent or more participation by way of equity or control, to carry out any function entrusted to a municipality under Article 243W of the Constitution.
The Notification has amended the definition of “Governmental Authority” as provided under clause (s) of Para 2 of the Mega Exemption Notification No. 25/2012-ST dated June 20, 2012 as under:
FCA, FCS, LLB, B.Com (Hons)