What will be the place of supply in cases where the account is held in a bank in one State but some services are availed in a different branch of the same bank in another State. As per the provisions of Section 12(12) of the IGST Act, 2017, the place of supply of services for a bank… Read More »
In the case of gold (metal) loan, whether the supply of gold (metal) to the jeweller will be deemed to take place at the time of delivery of gold (metal) or at the time when the price of gold (metal) is fixed by the jeweller? The Gold (Metal) Loan Scheme approved by the Reserve Bank of India is a… Read More »
Is the Nominated Bank, receiving gold on consignment basis, required to pay IGST on import of gold from the overseas supplier? The dispatch of gold by the principal from a place outside India to the Bank in India is deemed to be a supply in terms of para 3 of Schedule I to the CGST… Read More »
Will the management oversight or stewardship activities performed in relation to business operations by the Head Office of a Bank to a Branch in India be considered as a supply of services by the Head Office even when there is no consideration charged by the Head Office, nor any expenditure recorded in the books of account… Read More »
Are services supplied by a Bank to its branch / head-office outside India, which are neither intermediary services nor services to account holders, taxable under GST? GST is a destination based consumption tax. Such services provided by a Bank or the branch of a foreign Bank in India to its offshore branch / head-office, which are neither intermediary… Read More »
What is the manner of dealing with various services provided by banks and other financial institutions? Banks and financial institutions provide a bouquet of financial services relating to lending or borrowing of money or investments in money and other related services. For such services invariably a variety of instruments are used in the financial markets.… Read More »
What is the location of the supplier in case of banking and other financial services where multiple locations are involved in providing the services to a customer? Banking services emanate from the bank account opened by a customer with the branch of a bank or through a contractual relationship between the branch of a bank and the… Read More »
Which services will qualify as services provided to ‘account holder’ as per Section 13(8) of the IGST Act, 2017? The place of supply of services supplied by a banking company located in India to account holders located outside India is the location of the service provider i.e. banking company. “Account” has been defined in Explanation (a) to… Read More »
Would imposition of a fine or penalty for violation of a provision of law be a consideration for the activity of breaking the law, making such activity as service? No. Fines and penalties are imposed for breaking the law by a person. They are not in the nature of a consideration for an activity and hence,… Read More »
Where GST is charged on a supply of service and the amounts due from the customer become irrecoverable as a bad debt in commercial practice, would such GST paid on accrual basis be refundable to the service provider by the Government? The adjustment of GST already paid is allowed only by way of issuance of credit /debit… Read More »