GST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... vices of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company- reg. Representations have been received seeking clarification on following two issues: (i) What is the value to be adopted for the purpose of computing GST on services provided by BF/BC to a banking company? (ii) What is the scope of services provided by BF/BC to a banking com .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ted to collect reasonable service charges from the customers for such service in a transparent manner. The arrangements of banks with the Business Correspondents specify the requirement that the transactions are accounted for and reflected in the bank's books byend of the day or the next working day, and all agreements/ contracts with the customer shall clearly specify that the bank is respons .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Tax (Rate) dated 30.06.2017 be clarified. This clarification has been requested as the exemption from tax on services provided by BF/BC is dependent on the meaning of the expression accounts in its rural area branch . 3.1 It is clarified that for the purpose of availing exemption from GST under Sl. No. 39 of said notification, the conditions flowing from the language of the notificat .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X