Financial services (except investment banking, insurance services and pension services) - GST - Services Code / Scheme of Classification of Services

Scheme of Classification of Services S.No. Chapter, Section, Heading or Group Service Code (Tariff) Service Description (1) (2) (3) (4) 176 Group 99711 Financial services (except investment banking, insurance services and pension services) 177 997111 Central banking services 178 997112 Deposit services 179 997113 Credit-granting services including stand-by commitment, guarantees and securities 180 997114 Financial leasing services 181 997119 Other financial services (except investment banking, insurance services and pension services) Explanatory Notes:- Based on the Modified Version of the United Nations Central Product Classification (UNCPC) 99711 - Financial services (except investment banking, insurance services and pension services) 997111 - Central banking services This service code includes - services which support the country s systems for clearing and settling payments and other financial transactions - services of maintaining deposit accounts for major financial institutions and for the central government - services of implementing monetary policy - services of managing the government s foreign exchange reserves - services of influencing the value of currency - currency services under the authority of the central bank, including currency design and production, issuing, distribution and replacement - fiscal agency services including advisory services to the government on matters relating to the public debt, issuing debt instruments, maintaining bondholder records and making interest and redemption payments on behalf of the government - supervisory activities with regard to banks and/or non-banks if undertaken by the central bank - other central banking services n.e.c. 997112 - Deposit services This service code includes: - demand, notice and term deposit services - administration of bank accounts - chequing services such as certification of cheques, exchanging cheques or withdrawal slips for money, remitting cheques forwarded for collection - transferring money between accounts - providing documents to clients This service code does not include: - wrapping, rolling or otherwise handling currency and coin on behalf of customers cf. 998542 - collection services of drafts, cheques and other bills of exchange received on a collection basis cashed or taken on deposit cf. 998592 - collection services of accounts or monies receivable under assignment of accounts or contracts, cf.998592 997113 - Credit-granting services including stand-by commitment, guarantees securities This service code includes: - issuing and physical management of loans. These services may be provided by a number of different types of lenders, including, for example, banks and insurance companies. - granting of loans for which the land or buildings are used as security - home equity loans - granting of personal non-mortgage installment loans with scheduled repayment plans - line-of-credit loan services, that is, loan services based on a commitment to lend funds to a borrower up to a specified amount - consumer loan services, that is, loan services extended for financing consumer purchases of goods or services where the purchased good is generally used as collateral - granting credit when the holder of a credit card uses it to buy a good or a service, regardless of whether the balance is paid in full at the end of the grace period - granting loans to investment dealers and brokers, regulated financial institutions, federal, regional and local governments or non-profit institutions, foreign governments, and other businesses - standby, commitment and other loan services including overdraft services - providing letters of credit - acceptance services, that is, agreements by a bank or other financial institution to pay a draft or a credit instrument issued by an institution - sales financing services - other credit-granting services n.e.c. This service code does not include: - real estate appraisal services, cf. 997224 997114 - Financial leasing services This service code includes: - services of making equipment and other assets available to a customer without capital investment on the customer s part, whereby the lessor pays for and takes title to the equipment or facilities and leases it to the lessee while retaining few of the normal responsibilities of ownership This service code does not include: - operating leasing services, cf. 9973 997119 - Other financial services (except investment banking, insurance services and pension services)