TMI BlogGST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company.X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated: 15 th January, 2019 CIRCULAR (No. 48/2018-19-GST) Subject: GST on Services of Business Facilitator (BF) or a Business Correspondent (BC) to Banking Company. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... them on behalf of the bank. On the other hand, banks (and not BCS) are permitted to collect reasonable service charges from the customers for such service in a transparent manner. The agreements of banks with the Business Correspondents specify the requirement that the transactions are accounted for and reflected in the bank s books by end of the day or the next working day, and all agreements/ co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anch vide SI. No. 39 of Notification No. 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te: Similar circular is issued under Central Goods and Services Tax Act, 2017 by the Tax Research Unit, Department of Revenue, Ministry of Finance, GOI, New Delhi vide Circular No. 86/05/2019-GST dated 01/01/2019. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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